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Economic growth and economic development are two concepts often used interchangeably, but they differ significantly in scope and implications. Economic growth refers to the increase in a country's output of goods and services over time, typically measured by the rise in Gross Domestic Product (GDP) or Gross National Product (GNP). It emphasizes quantitative expansion and is primarily concerned with the pace at which an economy produces wealth. For instance, if India’s GDP rises from \$3 trillion to \$3.5 trillion over a year, it indicates economic growth. However, this growth does not automatically reflect improvements in living standards or social welfare. On the other hand, economic development is a broader concept that encompasses economic growth along with qualitative changes in the economy. It includes improvements in living standards, income distribution, health, education, employment opportunities, and reduction of poverty. Economic development considers whether the benefits of _____ ____ ______ _____ __________.
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