Definition Of Economic Growth And Development

It refers to the overall development of the quality of life in a nation which includes economic growth.

Definition of economic growth and development. Development economics also examine both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth. Economic growth and development conceptual approach though no unanimously accepted definition has been forgotten by now most of the theoreticians think of the economic development as a process that generates economic and social quantitative and particularly qualitative changes which causes the national economy to cumulatively and durably. It is a broader concept than economic growth. It measures all the aspects which include people in a country become wealthier healthier better educated and have greater access to good quality housing.

Increase in the monetary growth of a nation in a particular period. The economic growth is helpful to increase the incomes of the society help the nation to bring unemployment to low level and also help in the deliveries of public services. A country s economic health can usually be measured by looking at that country s economic growth and development. Economic growth is an increase in the production of goods and services in an economy.

Increases in capital goods labor force technology and human capital can all contribute to economic growth. Economic development is the process focusing on both qualitative and quantitative growth of the economy. This lesson defines and explains economic growth and economic development.