Question

class 12 economic. what is economic growth
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Answer 1

ᴇᴄᴏɴᴏᴍɪᴄ ɢʀᴏᴡᴛʜ ᴄᴀɴ ʙᴇ ʀᴇғᴇʀʀᴇᴅ ᴛᴏ ᴀs ᴛʜᴀᴛ ɪɴᴄʀᴇᴀsᴇ ᴡʜɪᴄʜ ɪs ᴡɪᴛɴᴇssᴇᴅ ɪɴ ᴛʜᴇ ᴍᴏɴᴇᴛᴀʀʏ ᴠᴀʟᴜᴇ ᴏғ ᴀʟʟ ᴛʜᴇ ɢᴏᴏᴅs ᴀɴᴅ sᴇʀᴠɪᴄᴇs ᴛʜᴀᴛ ᴀʀᴇ ᴘʀᴏᴅᴜᴄᴇᴅ ɪɴ ᴛʜᴇ ᴇᴄᴏɴᴏᴍʏ ᴅᴜʀɪɴɢ ᴀ ᴛɪᴍᴇ ᴘᴇʀɪᴏᴅ. ... ᴇᴄᴏɴᴏᴍɪᴄ ɢʀᴏᴡᴛʜ ɪs ᴀ ᴍᴜᴄʜ ɴᴀʀʀᴏᴡᴇʀ ᴄᴏɴᴄᴇᴘᴛ ᴡʜᴇɴ ᴄᴏᴍᴘᴀʀᴇᴅ ᴛᴏ ᴇᴄᴏɴᴏᴍɪᴄ ᴅᴇᴠᴇʟᴏᴘᴍᴇɴᴛ.

Answer 2

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.