What is the difference between economic growth and economic development? Describe two basic ways that economic growth can be accomplished.

Answer: Economic growth is a quantitative factor while economic development is a qualitative factor.

Explanation: The increase in the output in an economy, in respect of real terms, in a particular time period which is generally a year, is called economic growth. Whereas economic development is a broad term which involves factors like living standard of the population and advancement in technology.

Economic growth can be accomplished by advancing the technology or making human capital skilled enough to perform superior activities.