How workers with greater knowledge, education and training can help to … Progress is upward growth in economic status; however, progress is still an on-going process. In development, there is a human and social factor. The United Nations (UN) classifies countries on the basis of their economic condition, industrialization, poverty- employment rate, GDP, GNP, and the standard of living. 1 Introduction The short Answer to this question is “local invention and innovation sparks economic growth” but as soon as you examine the situation in more detail, some supporting or unhelpful local factors emerge. Some people highlight the negative effect of growth on low income groups, stressing the need for new approaches to economic development that will allow the poor to benefit more from economic growth than they do at present. Economic Growth. Economic development is the process of improving the quality of life of a nation, region or community. On the other hand, development is the process of developing skills and capacities. In general, economic development is usually the focus of federal, state, and local governments to improve our standard of living through job creation and ultimately a better quality life. The relationship between economic growth and poverty is a hotly debated topic, about which people are very divided. New Economic Growth Theories (Endogenous growth) Endogenous growth models, developed by Paul Romer and Robert Lucas placed greater emphasis on the concept of human capital . The fundamental difference between economics and economy is that Economics is a subject concerned with the optimization of available resources, in an efficient manner. Here, the growth that comes over a living being is a physical change and it indicates the increase in weight, height and bone seize. The countries on the basis mentioned above are mainly divided into categories like developed countries, developing countries, economies in transition, and fuel-exporting countries. Economic Growth does not take into account the size of the informal economy. Among the more subjective factors of economic growth and development that the Competitiveness Index incorporates are world education rankings, employee training, innovative capacity, language skills, quality of life, the attitudes of those members of society with direct impact on competitiveness and the general value system. When the term growth is related to living beings, it can mean the increase in size. Difference between economic growth and economic development. The informal economy is also known as the black economy which is unrecorded economic activity. Development, meanwhile, is the aftermath and the effect of progress. 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