Notes>Development Economics>4.1 Economic development

Definitions   Economic growth is the growth of real output over time. It is measured as growth in real gross domestic product (GDP). Economic development is a multidimensional concept involving improvements in standards of living, reduction in poverty, improved...

Economic Development Economic growth: an increase in the country's real output through time. Economic development: a qualitative measure of the country's standard of living. It is a more multidimensional concept than economic growth as it involves reducing widespread...