Which of the following best distinguishes "Economic Growth" from "Economic Development"?
1
Economic growth is about increased production of goods and services, while economic development includes improvements in living standards, health, and education.
2
Economic growth focuses on agriculture, while economic development focuses on industrialization.
3
Economic growth is concerned with the distribution of wealth, while economic development ignores wealth distribution.
4
Economic development is primarily concerned with technology and industrialization, while economic growth involves only domestic savings.