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HEY ANSWER AS SOON AS POSSIBLE CASE DATA USEFUL ;'Economic growth refers to an increase in a countrys productive capacity as evidenced by an increase

HEY ANSWER AS SOON AS POSSIBLE

CASE DATA USEFUL;'Economic growth refers to an increase in a countrys productive capacity as evidenced by an increase in real national product. Economic growth may result from an increase in the quantity of factors of production in a country, for example, capital or labour. Alternatively, economic growth may occur because of an improvement in the efficiency with which factors of production are combined. This may, for example arise because of the introduction of a new mode of production. Economic development on the other hand, refers to an increase in countrys productive capacity accompanied by an improvement in the indictors of the quality of life such as infant mortality, the literacy rate and population per doctor. It is therefore possible to have economic growth without economic development. There have been several attempts to develop an index of human development, for example, the United Nations Human Development index. (b) The following factors have contributed to low economic growth rates in developing countries: Firstly, most developing countries are subject to a vicious circle of poverty.

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