GCEEconomicsEconomic Development2023

Which of the following best distinguishes economic development from economic growth?

AEconomic development focuses solely on the increase in a country's GDP
BEconomic development involves structural, social, and institutional changes alongside output increasesCORRECT
CEconomic growth includes improvements in the standard of living of citizens
DEconomic growth requires a reduction in income inequality among citizens
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Why the answer is B, and why the others tempt you.
Economic development is a broader concept that encompasses not only increases in national output (GDP) but also structural transformation, improvements in living standards, reduction of poverty, and institutional changes. Economic growth, on the other hand, refers narrowly to increases in real GDP or per capita income over time.
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