State the difference between terms

[sundas Ayub]

AOA. I want to know;

1. Difference between Economic Growth and Economic Development?

2. Difference between Expenditures and Expenses.

[Ali Ahmad Syed]

Economic Growth
Economic growth is the increase of per capita gross domestic product (GDP) or other measures of aggregate income, typically reported as the annual rate of change in real GDP. Economic growth is primarily driven by improvements in productivity, which involves producing more goods and services with the same inputs of labour, capital, energy and materials. Economists draw a distinction between short-term economic stabilization and long-term economic growth. The topic of economic growth is primarily concerned with the long run. The short-run variation of economic growth is termed the business cycle.

Economic growth - Wikipedia, the free encyclopedia

Economic development
Economic development is the increase in the standard of living in a nation's population with sustained growth from a simple, low-income economy to a modern, high-income economy.[1][2] Also, if the local quality of life could be improved, economic development would be enhanced.[3] Its scope includes the process and policies by which a nation improves the economic, political, and social well-being of its people.

Economic development - Wikipedia, the free encyclopedia

Difference between Expenditures and Expenses.

Expenditure: Refers to capital expenditure, having long-term future benefits usually lasts more than one accounting period i.e. more than one year. Examples: Purchase of machine, plant, building, land etc.

Expenses: Expenses refers to short-term expenses or revenue expenses. Lasts within one accounting period. Examples: Pays, Salaries, Postage, transportation, stationery etc.

Regards,