define growth of economics class 10
Answers
Answer:
Economic growth is the increase in the capacity of the economy to produce more of goods and services as compared to the previous year. It can be calculated as the percentage increase in the GDP of a country.
Explanation:
Economic growth is the increase in the capacity of the economy to produce more of goods and services as compared to the previous year. It can be calculated as the percentage increase in the GDP of a country.
Economic development is the process in which an economy continuously tries to improve its economic, social and political well-being of its people. It aims to improve the standard of living of its people.
It refers to the increase in the monetary growth of a nation in a particular period. It refers to the overall development of the quality of life in a nation, which includes economic growth.
Span of Concept
It is a narrower concept than that of economic development.
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