Basic concept | Differences between Economic growth and development.
How does economic growth causes economic development? Economic growth and development. Table Of Contents Economic growth definition What is economic growth? Economic growth refers to rise in national income, per capita income & production. Economic growth is said to occur if the production of goods & services increase by any means. We can explain eg : another way economic growth is a increase in a real GDP of a nation over a particular period of time . What are the measures of economic growth of country? And how does economic growth causes development? 1. It mainly depends on economic factors (increase in GDP, national income, per capita income & production). 2. It's quantitative concept. 3. Measured by annual increase in per capita income after a certain period of time. 4. Economic growth is one dimensional on uni dimensional concept. Because it only focus on production development. 5. Just means of economic development. 6. Economic grow...