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difference between economic growth and economic development in easy language

1 Introduction The short Answer to this question is “local invention and innovation sparks economic growth” but as soon as you examine the situation in more detail, some supporting or unhelpful local factors emerge. New Economic Growth Theories (Endogenous growth) Endogenous growth models, developed by Paul Romer and Robert Lucas placed greater emphasis on the concept of human capital . The informal economy is also known as the black economy which is unrecorded economic activity. Progress is upward growth in economic status; however, progress is still an on-going process. Here, the growth that comes over a living being is a physical change and it indicates the increase in weight, height and bone seize. In general, economic development is usually the focus of federal, state, and local governments to improve our standard of living through job creation and ultimately a better quality life. The countries on the basis mentioned above are mainly divided into categories like developed countries, developing countries, economies in transition, and fuel-exporting countries. On the other hand, development is the process of developing skills and capacities. Some people highlight the negative effect of growth on low income groups, stressing the need for new approaches to economic development that will allow the poor to benefit more from economic growth than they do at present. The fundamental difference between economics and economy is that Economics is a subject concerned with the optimization of available resources, in an efficient manner. The relationship between economic growth and poverty is a hotly debated topic, about which people are very divided. Difference between economic growth and economic development. The United Nations (UN) classifies countries on the basis of their economic condition, industrialization, poverty- employment rate, GDP, GNP, and the standard of living. Economic Growth. This typically involves objectives such as social well-being, economic growth and sustainability.The following are common types of economic development. When the term growth is related to living beings, it can mean the increase in size. In development, there is a human and social factor. On the other hand, Economy denotes the economic condition, status and activities of a geographical area or country. Economic development is the process of improving the quality of life of a nation, region or community. Development, meanwhile, is the aftermath and the effect of progress. Development alleviates people from low standards of living into proper employment with suitable shelter. Among the more subjective factors of economic growth and development that the Competitiveness Index incorporates are world education rankings, employee training, innovative capacity, language skills, quality of life, the attitudes of those members of society with direct impact on competitiveness and the general value system. Economic Growth does not take into account the size of the informal economy. It measures whether how much of society benefited from the economic growth … A country's general economic health can be measured by looking at that country's economic growth and development. How workers with greater knowledge, education and training can help to … As the black economy which is unrecorded economic activity the term growth is related to living beings it! Can be measured by looking at that country 's economic growth and poverty a! The size of the informal economy is also known as the black economy is! 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