Every country possesses natural and human resources in varying proportions. Economic development refers to process of utilizing these resources for achieving higher standards of living for the people of the country. It is natural for each generation of people to aspite for a higher standard of living than what their parents were capable of, and to hope for even better standards for their children. Economists have been studying the changes in human nature that facilitate the momentum for economic growth and development.Although the terms are used interchangeably, a distinction is often made between economic growth and economic development. Economic growth refers to increase in output, while economic  development also suggests improvements in the quality of goods produced, the way production is organized and ultimately in improvements in the quality of life. All these factors together are known as structural changes. Thus, growth is a quantitative concept which can be measured; development is qualitative in nature and cannot be easily measured.Economic growth of a country is conventionally measured as percentage increase in gross domestic product (GDP) or Gross National Product (GNP) during one year. Economic growth can be either extensive or intensive. In the former, the economy uses more of its natural and human resources and grows, while in intensive growth, the economy uses its existing resources more efficiently.