ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economic Development is the process focusing on both qualitative and quantitative growth of the economy. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing.

Detailed explanation-2: -While economic growth is a quantitative concept, economic development is a qualitative concept.

Detailed explanation-3: -Economic growth is an entirely concept, while economic development deals with both qualitatively and quantitative aspects of the economy.

Detailed explanation-4: -Qualitative indicators of development refer primarily to the use of qualitative methods such as individual and group interviews to select indicators and to generate the content for and pilot measures in developing countries.

Detailed explanation-5: -In addition to GDP, two of the other most significant measures of economic growth are the Consumer Price Index (CPI), which measures pricing power and inflation, and the Monthly Unemployment report, including weekly non-farm payrolls.