Economic Growth VS Economic Development
Our group reflects our understanding about Economic Growth and Economic Development through these clay work below
Economic Growth
Economic growth relates to the increase in the value of goods and services. It is usually indicated by an increase in gross domestic product (GDP) or Net National Product (NNP).
Economic Development
Economic Development is a broader concepts than comparing to Economic Growth. Economic Development not only includes Economic growth, but also concerns about how people are actually affected. It looks at people's actual living standards, citizens' quality of life, poverty reduction, environmental quality, freedom, happiness, transportation, communication and so on . Human Development Index is used to indicate Economic Development.
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