• Growth •
1.It is a narrow concept.
2.Increase in national income is a sufficient indicator.
3.It is applicable to developed economies.
4.It is an automatic process.
5.It is the process that occurs in a dynamic economy.
6.This process comes within a particular time to period.
7.Quantitative changes are expected in this concept.
•Development •
1.It is a broad concept.
2.Increase in real national income, i.e. Level of living is the indicator
3.It is applicable developing economies.
4.It is the result of purposeful and planned efforts.
5.It occurs in static economies due to structural and technological changes in the economy
6.It is a continuous process that applies in the long run period.
7.Qualitative changes are expected in this concept.