Question

32. Explain the importance of increasing production of goods and services in an economy.

Answer 1

Answer:

Any increase in production leads to economic growth as measured by Gross Domestic Product or GDP. GDP is merely a metric that represents the total production of all goods and services in an economy. Improved economic growth raises the standard of living by lowering costs and raising wages.

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Answer 2

It is important because it help in our country economy. It also make liberty of our country. India is A vast country and ranked 7th according to size and 2nd according to population, so here production of good and service in economy is very important

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