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PARAGRAPH TYPE QUESTIONS

MIDDLE COGNITIVE

4.1.6 Differentiate between economic growth and economic development. (4 x 2) (8)

4.1.7 Briefly discuss the demand-side policies used in promoting growth and development. (4 x 2) (8)

Sagot :

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Final answer:

Economic growth focuses on increasing output, while economic development includes broader aspects of societal well-being. Demand-side policies involve fiscal and monetary measures to stimulate economic growth.


Explanation:

Economic growth refers to the increase in a country's output of goods and services, measured by GDP, over a period of time. On the other hand, economic development encompasses a broader concept that includes improvements in various aspects like education, healthcare, infrastructure, and more, leading to the overall well-being of individuals in a society.

Demand-side policies used to promote growth and development include fiscal policies like government spending and tax cuts, as well as monetary policies such as lowering interest rates to stimulate consumer spending and investment, ultimately aiming to boost the economy.


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