Economic Growth vs. Development Concepts

The video tutorial explores the concepts of economic growth and development, highlighting their differences. Economic growth is defined as an increase in the value of goods and services, often measured by GDP, while economic development is a broader concept involving improvements in living standards and socio-economic structures. The tutorial emphasizes that growth can occur without development, but development requires growth. It also discusses the implications of these concepts for developed and underdeveloped countries, and the importance of equitable income distribution for true development.

What is the primary focus of economic growth?

• Enhancement of self-esteem

• Improvement in living standards

• Increase in the value of goods and services

• Reduction of poverty

Which of the following is NOT considered in economic growth?

• Urbanization

• Industrialization

• Gross national product

• Informal economy

Economic development is primarily concerned with which of the following?

• Increase in GNP

• Progressive changes in socio-economic structures

• Rise in output

• Mobilization of resources

According to Michael Todaro, economic development includes which of the following aspects?

• Growth in agricultural share

• Improvement in self-esteem needs

• Increase in GNP

• Rise in industrial output

What is a key difference between economic growth and development?

• Growth is comprehensive, development is narrow

• Growth involves income distribution, development does not

• Growth is normative, development is quantitative

• Growth focuses on output, development on socio-economic changes

Which of the following is a characteristic of economic development?

• Shift in allocation of productive resources

• Focus on developed countries

• Increase in GNP

• Emphasis on output rise

Economic growth can occur without development because it primarily measures:

• Technological advancement

• Increase in GNP

• Reduction of inequalities

• Improvement in living standards

Which of the following is necessary for economic development but not for economic growth?

• Increase in GNP

• Changes in income distribution

• Rise in industrial output

• Growth in agricultural share

What does economic development aim to achieve for the citizens of a country?

• Increased industrial output

• Greater urbanization

• Overall well-being

• Higher GNP

Which of the following best describes the relationship between economic growth and development?

• Growth is possible without development

• Both are independent of each other

• Growth and development are synonymous

• Development is possible without growth