economic development implies more, particularly improvements in health, education and other aspects of human welfare. Countries that increase their Income but do not also raise life expectancy, reduce infant mortality, and increase literacy rates are missing out of some important aspects of development. The economic development of a country is defined as the development of the economic wealth of the country. Economic development is aimed at the overall well-being of the citizens of a country, as they are the ultimate beneficiaries of the development of the economy of their country.
Economic growth on the other hand, is a narrower concept than economic development. It is defined as the increase in the value of goods and services produced by every sector of the economy. It is usually expressed in terms of the gross domestic product or GDP of the country.
Economic growth is defined by increases in GDP. Whereas, economic development is more of a vague measure usually incorporating social measures such as literacy rates or life expectancy as a means of measuring a country's level of development.
at last its depends on the market weather it high or low of the demand
ECONOMIC GROWTH: economic growth refers to a rise in national or per capita income and product. If a production of goods and services in a country rises, by whether means and along with it average income increases, the country has achieved economic growth.
ECONOMIC DEVELOPMENT: economic development implies more, particularly improvements in health, education and other aspects of human welfare. Countries that increase their Income but do not also raise life expectancy, reduce infant mortality, and increase literacy rates are missing out of some important aspects of development.
what is economic growth and development?
Economic development is the institutional change made to promote economic betterment. It is the process of lmproving the quality of human life through increasing per caita income.
ECONOMIC DEVELOPMENT
Economic Development is a branch of economics that deals with the study of macroeconomic causes of long term economic growth, and microeconomics; the incentive issues of individual households and firms, especially in developing countries. This may involve using mathematical methods from dynamical systems like differential equations and inter-temporal optimization, or it may involve a mixture of quantitative and qualitative methods.
Development is a phenomenon which occurs over a long period of time but economic growth is increase in GNP which can occur when we are able to achieve increase in number of resources or increase in technology or by the combination of both.
Sustainable development is a pattern of resource use that aims to meet human needs while preserving the environment so that these needs can be met not only in the present, but also for generations to come. The term was used by the Brundtland Commission which coined what has become the most often-quoted definition of sustainable development as development that "meets the needs of the present without compromising the ability of future generations to meet their own needs."
A representation of sustainability showing how both economy and society are constrained by environmental limits
Economic development differs from economic growth. Whereas economic development is a policy intervention endeavor with aims of economic and social well-being of people, economic growth is a phenomenon of market productivity and rise in GDP.
what is differencs B/W economic develp and economic growth
Development is when the technology or culture or knowledge advances in a economy. Growth is when wealth or size has advanced.
tumhari salo ki jai ho
The more economic development that occurs, the less sustainable the development is. Rapid growth is done at the expense of developing sustainable practices. Profit requires maximizing exploitation of resources and labor.
Economic growth is the growth of people which causes economic development, the growth/development of cities/towns. (i.e. businesses and buildings)
Economic development, generally speaking, is a process of change that is focused on the betterment of the community, state, and/or nation and financial development is a part of of economic development important part.. it is more on financial.
both are economical changes or scaling up.
Economic profit is when revenue exceeds total cost of inputs. Normal profit, on the other hand, is net profit less costs.
The more economic development that occurs, the less sustainable the development is. Rapid growth is done at the expense of developing sustainable practices. Profit requires maximizing exploitation of resources and labor.
Sustainable development is simply one of those cases that is vital, and that requires professional ministership about
Continuity theories posit that development is gradual and continuous, with growth and change occurring over time in a smooth and consistent manner. Discontinuity theories suggest that development occurs in distinct stages or steps, marked by abrupt shifts in behavior or understanding. These theories differ in their views on how development unfolds, with continuity emphasizing gradual change and discontinuity highlighting distinct transitions.
Sustainable development means development that allows the next generation to live as well as the last. Unsustainable development is essentially polluting the earth and destroying the environment.
Economic growth is the growth of people which causes economic development, the growth/development of cities/towns. (i.e. businesses and buildings)
Economic development, generally speaking, is a process of change that is focused on the betterment of the community, state, and/or nation and financial development is a part of of economic development important part.. it is more on financial.
The report then proposed sustainable development as the appropriate response. Sustainable development, in this view, must seek three goals: economic and environmental priorities must be balanced, short-term and longer-term costs and benefits must be considered, and the stark differences in income and access to resources between rich and poor countries must be diminished.
both are economical changes or scaling up.
The Brundtland Commission, also known as the World Commission on Environment and Development, coined the term sustainable development in 1987. The commission's report, "Our Common Future," emphasizes the need to meet the needs of the present without compromising the ability of future generations to meet their own needs. The true teaching of the Brundtland Commission is about finding a balance between economic development, social equity, and environmental protection to ensure a sustainable future for all.
Both uses natural resources without causing harm to ecosystem
at least two times or three times a day
International trade includes export and import. Export strengthens the economy while import weakens the economy. Economic development relies on foreign and domestic trade. A strong export will bolster the economic development.