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Chapter: 10th Social Science : Economics : Chapter 1 : Gross Domestic Product and its Growth: an Introduction

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 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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