ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A
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B
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C
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D
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Detailed explanation-1: -The terms ‘economic growth’ and ‘economic development’ sound similar. However, the two concepts are different. While economic growth is a quantitative concept, economic development is a qualitative concept.
Detailed explanation-2: -Industrialization is the process by which an economy moves from primarily agrarian production to mass-produced and technologically advanced goods and services. This phase is characterized by exponential leaps in productivity, shifts from rural to urban labor, and increased standards of living.
Detailed explanation-3: -The improvement in living standards is the direct result of econom-ic growth. Our per capita consumption of goods and services has increased because our per capita production (or output) of goods and services has increased. When we produce more, we can consume more.