Give the similarities and differences of the situation below;

Teacher 1:

"In broad scope, economic development is the process which a nation improves the political, economic, and social well-being of its people. Simply, this encompasses creation of jobs and wealth and advancement of quality of life. Meanwhile, businesses fuel the nation's economic development. Businesses provide jobs that give each citizen in the country to be productive, supply products and/or services that sustain people's needs, and generates profit that may be used as an investment for expansion. Business management is needed to ensure that resources are maximized in the most efficient manner to make profit, create cost-efficient products and/or services, and provide employment opportunities. In this way, economic development is necessary in studying business management since it helps business managers and other stakeholders assess where more profit can be generated considering the operating expenses and tax implications."

Teacher 2:

"Firstly, the concept in the economic development is important in the decision making process of the sustenance of the business and also it forms an integral part of management of the economics resources that are attached to the running of the business. Secondly, the study of economic development also aims at the development of economic theory of the firm while facilitating the basic instrumental facilities like the development of infrastracture which aids in trade and thus helps in business management. Moreover, the operational success of the business and its management entirely depends on international where the economic development provides the insights and forethoughts in foreign exchange exposure and are able to source for goods from other countries."