Question

1. An improvement in the socio-economic structure of the economy along with higher growth rate of
gross domestic product is?
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Answer 1

One can define economic growth as the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. Statisticians conventionally measure such growth as the percent rate of increase in real gross domestic product, or real GDP.

Answer 2

Answer:

Gross Domestic Product (GDP) is one of the most widely used ... the GDP growth rate is probably the single best indicator of economic ... Along with better-informed policies and institutions, national ... Consumer spending is the biggest component, accounting for more than two-thirds of the U.S. economy.

Explanation:

Economic growth is an increase in the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real (aEconomic growth only comes from increasing the quality and quantity of the factors of production, which consist of four broad types: land, labor, capital, and entrepreneurship. The factors of production are the resources used in creating or manufacturing a good or service in an economydjusted for inflation) terms