Definition Of Growth And Development In Economics

Increase in the monetary growth of a nation in a particular period.

Definition of growth and development in economics. It refers to the overall development of the quality of life in a nation which includes economic growth. Economic growth is an increase in the production of goods and services in an economy. 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. This is so because the relation ship between population growth and economic development is intricate complex and interacting.

Economic development is the process focusing on both qualitative and quantitative growth of the economy. It is a broader concept than economic growth. A country s economic health can usually be measured by looking at that country s economic growth and development. On the positive side an increasing population means an increase in the supply of labour a basic factor of.

Economic growth is a narrower concept than economic development it is an increase in a country s real level of national output which can be caused by an increase in the quality of resources by education etc increase in the quantity of resources improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy. Development economics also examine both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth. This lesson defines and explains economic growth and economic development. It measures all the aspects which include people in a country become wealthier healthier better educated and have greater access to good quality housing.

Span of concept it is a narrower concept than economic development. Increases in capital goods labor force technology and human capital can all contribute to economic growth.