ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT

The aim of modern government is the welfare of people. The increase in the production of goods and services are directed towards this goal 

DEVELOPMENT AND GROWTH

 Economic development is generally the process of increase in income and the quality of life. Apart from income, economic development includes food, housing, health and by education. Therefore development is both an economic and social process. 

'Economic growth' is the process of increase in production or income for a particular year as compared to the previous year. As a result of economic growth, a country gets the ability to satisfy the wants of the people. 

COUNTRIES - DEVELOPED AND DEVELOPING

The countries with high per capita income and good standard of living are considered as 'Developed countries'. eg: Western Europe, Australia, USA, Canada, New Zealand  etc.
The countries with low or moderate per capita income and poor standard of living are called developing countries.eg: India, Pakistan, China, Nigeria, Brazil etc.  

DEVELOPMENT INDICES

The indicators used for evaluating the development are called 'development indices'. 

                                                    (to be continued...)

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