INDICATORS OF GROWTH AND DEVELOPMENT — Economics STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsINDICATORS OF GROWTH AND DEVELOPMENT3 Marks
Question
What is the difference between economic progress economic growth and Economic Development.
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Answer
$1.$ Economic progress:
It shows the production growth rate. Increase in production is called economic progress.
$2.$ Economic growth:
The progressive change in technology and accordingly the change in the human condition with an increase in national income for a long time is called economic growth it is only for developed country.
$3.$ Economic development:
It is progress where structural, psychological and organizational change happens with the speed economic growth, reduce inequality and absolute poverty.
It is a broad concept of economic development connected with developing countries.
During economic development demand changes, labour mobility increased, Technology modernization increases and standard of living increases.
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