The difference between growth and development
Economic growth means a country produces more output over time. Economic development means people's lives actually get better — through higher living standards, better health, and greater access to education.
Formula
HDI = f(GNI per capita, life expectancy, mean/expected years of schooling)
Real World
China's real GDP grew at roughly 10% per year for three decades, yet inequality rose sharply — demonstrating that high growth does not automatically mean improved development for all citizens.
Exam Focus
Never use 'growth' and 'development' interchangeably — explicitly state the distinction early in any extended answer.
Price Elasticity of Demand
PED = % change in quantity demanded ÷ % change in price
How well did you know this?