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Distinction Between Economic Growth and Economic Development Economic Growth is when an increased output of a nation of goods and services available to satisfy the material wants of the people, but not the welfare of a nation (health cover, housing, schooling). Economic growth is associated with the well being of a nation, through increasing incomes. However, the welfare of a nation is not included in economic growth. Economic growth focuses on the quality. Economic growth may be a result of all idle resources being employed as resulted from an increase in aggregate demand. Economic growth can easily become uneven because some industries may grow much quicker than others; so more resources will the allocated towards these industries. In addition to that, the industries that are not growing at such a rapid rate relative to others will have a chance of being neglected. Economic growth is usually associated with negative externalities, eg....

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