ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Identical with the concept of economic development
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Narrower than the concept of economic development
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Wider as compared to that of economic development
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Unrelated to the concept of economic development
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Detailed explanation-1: -The concept of economic growth is narrower than the concept of economic development. Economic growth only relates to the increase in the overall production of an economy at a certain period of time whereas economic development relates to the growth of all sectors of economy both socially and economically at all times.
Detailed explanation-2: -Economic development is defined as a sustained improvement in material well being of society. Economic development is a wider concept than economic growth. Apart from growth of national income, it includes changes – social, cultural, political as well as economic which contribute to material progress.
Detailed explanation-3: -Economic growth is a narrow concept when compared to economic development.
Detailed explanation-4: -Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
Detailed explanation-5: -Economic Development is programs, policies or activities that seek to improve the economic well-being and quality of life for a community. What “economic development” means to you will depend on the community you live in. Each community has its own opportunities, challenges, and priorities.