Social Well-being

Economic growth and development

Economic Growth: Refers to an increase

Education

Economic Growth: Refers to an increase in a country’s output of goods and services, measured by the rise in its Gross Domestic Product (GDP). Typically expressed as a percentage, indicating how much the economy has expanded over a specific period.

Income Equality

Economic Development: Encompasses growth and improvements in quality of life and social well-being.

Poverty Reduction

Distinguishing Economic Growth and Development

It focuses mainly on quantitative improvements, such as more factories, higher production levels, and more jobs.

Economic Growth

Economic Development: A broader concept encompassing economic growth but also considering improvements in quality of life and social well-being. Includes aspects like healthcare, education, environmental sustainability, income equality, and poverty reduction.

Factory Expansion

Understanding Economic Growth and Development

Economic Growth: Refers to an increase in a country’s output of goods and services.

Economic Growth

Measured by the rise in its Gross Domestic Product (GDP), expressed as a percentage.

Measuring Country Progress through Economics

Focuses on quantitative improvements like more factories, higher production levels, and increased jobs.

Quality of Life

Economic Growth: Refers to an increase in a country’s output of goods and services, measured by the rise in its Gross Domestic Product (GDP). Typically expressed as a percentage, indicating how much the economy has expanded over a specific period.

Social Well-being

It focuses mainly on quantitative improvements, such as more factories, higher production levels, and more jobs.

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