Economics · Economic Growth and Development
Which of the following best distinguishes 'Economic Growth' from 'Economic Development'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Economic growth is about increased production of goods and services, while economic development includes improvements in living standards, health, and education.✓
- 2Economic growth focuses on agriculture, while economic development focuses on industrialization.
- 3Economic growth is concerned with the distribution of wealth, while economic development ignores wealth distribution.
- 4Economic development is primarily concerned with technology, while economic growth involves only domestic savings.
Correct answer
Economic growth is about increased production of goods and services, while economic development includes improvements in living standards, health, and education.
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