Distinguish between human development and economic development.

Human development –

1. refers to the development of human capital and non-monetary aspects of an economy.

2. It includes development in spread of education, health awareness, human well-being, opportunities available to the youth, etc.

3. Human Poverty Index (HPI) and Gender Empowerment Measure (GEM) measure the human development.

Economic development –

1. It refers to development of monetary aspects of an economy.

2. It includes decrease in trade deficit, increase in income levels, increase in standard of living of people, etc.

3. GDP, GNP are some of indicators of economic development of a country.