What is the reason economists distinguish between economic development and economic growth?
- Abecause a country’s stage of economic development depends on its level of output rather than its growth rate
- Bbecause it is the allocation rather than the overall level of a country’s resources which determines its economic well-being
- Cbecause of the concern about quality of life rather than quantity of output
- Dbecause the prime determinant of economic development is investment rather than consumption