Essay
15 marker - Explain the differences between economic growth and economic development
- Module
- Macro economics
- Institution
- AQA
Economics Paper 2, 15/15 essay on the differences between economic growth and economic development
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By: rosshanirajkamal • 7 months ago
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Economicgrowth cone be definedas an increase in the capacity of
a country's economy and is usually measured in GDP Whereas
economic developmentis a normative concept which aim is to measure
how standards andpeople's welfare in a country change
living general
our and
time include size and health ofpopulation andthe
may
quality of life they have
Short run economic
growth which is representedby the outwardshift
of AD is relatedtoincrease in real national income and is affectedby
changes may in levels of consumption alongside withgovernmentspending
investment and currentaccount of balance ofpayments An increase in AD
will usually be causedby durandside factors such as interestrates
or welfare benefits although it is
very dependent people's marginal
on
propensity to consume and the size of a multiplier effect thehigher
thegreater shortrun economic
growth will be
Moreover
they are long run
economic known as potentialgrowth is caused increase in
growth by
the capacity of the economy It occurs due to an increase inaggregate
arise in the quality andquantity offactors of
production for
supply
example wore advancedreaching
Economic development refers to an improvwent in thequality of
life and with the contextofgrowingeconomy reduction and
is eg
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