Gross Domestic Product and its Growth | Economics - Economic Growth and Development | 10th Social Science : Economics : Chapter 1 : Gross Domestic Product and its Growth: an Introduction
Chapter: 10th Social Science : Economics : Chapter 1 : Gross Domestic Product and its Growth: an Introduction
Economic Growth and Development
Economic Growth and Development
As per
the economist Amartya Sen, economic growth is one aspect of economic development. Also, United
Nation see it like this “Economic development focuses not only on man’s materialistic
need but it focuses on overall development or rise in its living standards.
Economic Growth
It is the
quantitative measure which considers the rise in the output produced in an
economy or nation in a particular period in its monetary value. The key
parameters of economic growth in any economy are its Gross Domestic Product
(GDP) and gross national product which helps in measuring the actual size of an
economy.
Economic Development
Economic
development projects a broader picture of an economy which takes into account
It is the
quantitative measure which considers the rise in the output produced in an
economy or nation in a particular period in its monetary value. The key
parameters of economic growth in any economy are its Gross Domestic Product
(GDP) and gross national product which helps in measuring the actual size of an
economy.
Human
development Index (HDI) is apt tool to measure the real development in an
economy.
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