Difference between economic growth and economic development, Business Economics

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Problem:

(a) Critically asses the difference between economic growth and economic development.

(b) Describe the definition of economic development as a multidimensional process involving major changes in every aspect of a society.

(c) Show the costs and benefits of being a small and remote island economy.

(d) Describe the role that the importance of capital formation in determining growth outcomes.


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