Question

Question 5: Definitions and concepts

• What is economic growth?
• What is economic development?
• Is economic growth a necessary condition for economic development? Explain with an example
• What are the differences between gross national Income and gross domestic product?

Answer 1

Economic growth - an increase in the capacity of an economy to produce goods and services, compared from one period of time to another

Economic development - creation of wealth from which community benefits are realized, it is more than a jobs program, it's an investment in growing your economy and enchancing the prosperity and quality of life for all residents.