2007-11-14 03:13:40 · 3 answers · asked by Lakshit S 1 in Social Science ➔ Economics
Economics is aimed at using scarce resources to satisfy unlimited wants. So, in many ways your question is meaningless.
If you ask about economic growth and development, you have a question that makes sense and can be answered.
In simple terms, economic growth that an economy can produce more goods and services so everyone in the economy is better off.
However, is being better off a development in society? This is a completly different issue.
2007-11-21 21:06:56 · answer #1 · answered by jemhasb 7 · 0⤊ 0⤋
Economic growth may not necessarily come with development. For example, well to do countries may face severe pollution problems from industrialization, thus neglecting the welfare of their inhabitants.
However, economic growth is a necessity to facilitate development. Without economic growth, it is hard to improve standard of living.
2007-11-14 20:11:18 · answer #2 · answered by Charmaine B 2 · 0⤊ 0⤋
At a glance, any sustainable/advanced society has a strong economy. For example, compare and contrast the United States' economy and how our society has developed versus that of say Somalia.
2007-11-14 13:43:54 · answer #3 · answered by Viginti_Tres 3 · 0⤊ 0⤋