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From course:

Economics A Level (DONEEEEEEE)

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Question:

Why is Economic Growth easy to Define, but not Economic Development?

Author: eric_galvao



Answer:

-Econ Growth just is an Increase in the size of the nation's GDP -Econ Development is a Normative Concept and requires Value Judgements on what would make a more Developed Nation. The Aim is to Measure how Living Standards and Peoples General Welfare Changes over Time


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