Economic Growth And Development Of A Economy

In a certain period of time. Continuous process.

Definition of Economic Growth Economic Growth is defined as the rise in the money value of goods and services produced by all the sectors of the economy per head during a particular period. It is a quantitative measure that shows the increase in the number of commercial transactions in an economy. Determinants of Economic Growth Economic growth can be expressed in terms of gross domestic product GDP and gross national product GNPthat helps in measuring the size of the economy.

It lets us compare in absolute and percentage change, i. It is an outcome of the increase in the quality and quantity of resources and advancement of technology.

Definition of Economic Development Economic Development is defined as the process of increase volume of production along with the improvement in technology, a rise in the level of living, institutional changes, etc. In short, it is the progress in the socio-economic structure of the economy. Based on the development, the HDI statistics rank countries. It considers the overall development in an economy regarding the standard of living, GDP, living conditions, technological advancement, improvement in self-esteem needs, the creation of opportunities, per capita income, infrastructural and industrial development and much more.

Key Differences Between Economic Growth and Economic Development

Key Differences Between Economic Growth and Economic Development The fundamental differences between economic growth and development are explained in the points given below: Economic growth is the positive change in the real output of the country in a particular span of time economy. Economic Development involves a rise in the level of production in an economy along with the advancement of technology, improvement in living standards and so on. Economic growth is one of the features of economic development. Economic growth is an automatic process. Unlike economic development, which is the outcome of planned and result-oriented activities.

Economic growth can be measured when there is a positive change in the national income, whereas economic development can be seen when there is an increase in real national income. Economic growth is a short-term process which takes into account yearly growth of the economy. But if we talk about economic development it is a long term process. Economic Growth applies to developed economies to gauge the quality of life, but as it is an essential condition for the development, it applies to developing countries also.

Economic Growth And Development Of A Economy contrast to, economic development applies to developing countries to measure progress. Economic Growth results in quantitative changes, but economic development brings both quantitative and qualitative changes. Here growth can be measured in a particular period. As opposed to economic development is a continuous process so that it can be seen in the long run. Example To understand the two terms economic growth click economic development, we will take an example of a human being.

Content: Economic Growth Vs Economic Development

The term growth of human beings simply means the increase in their height and weight which is purely physical. But if you talk about human development, it will take into account both the physical and abstract aspects like maturity level, Economic Growth And Development Of A Economy, habits, behaviour, feelings, intelligence and so on. In the like manner, growth of an economy can be measured through the increase in its size in the current year in comparison to previous years, but economic development includes not only physical but also non-physical aspects that can only be experienced like improvement in the lifestyle of the inhabitants, increase in individual income, improvement in technology and infrastructure, etc. Conclusion After the above discussion, we can say that economic development is a much bigger concept than economic growth. In other words, the economic development includes economic growth.

As the former uses various indicators to judge online term paper progress in an economy as a whole, the latter uses only specific indicators like gross domestic product, individual income etc. Related Differences.]

Economic Growth And Development Of A Economy - speaking, would

Colonial economy[ edit ] Shipping scene in Salem, Massachusetts, a shipping hub, in the s The colonial economy differed significantly from that of most other regions in that land and natural resources were abundant in America but labor was scarce. The free white population had the highest standard of living in the world. Under the mercantilist system Britain put restrictions on the products that could be made in the colonies and put restrictions on trade outside the British Empire. Demographics[ edit ] Initial colonization of North America was extremely difficult and most settlers before died in their first year. Settlers had to depend on what they could hunt and gather, what they brought with them, and uncertain shipments of food, tools, and supplies until they could build shelters and forts, clear land, and grow enough food, as well as build gristmills, sawmills, ironworks, and blacksmith shops to be self-supporting. They also had to defend themselves against raids from hostile Indians. After population growth was very rapid due to high birth rates 8 children per family versus 4 in Europe and lower death rates than in Europe, in addition to immigration. The death rate from diseases, especially malaria, was higher in the warm, humid southern colonies than in cold New England. The higher birth rate was due to better employment opportunities.

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