Question

Define the concept Economice Growth.

Answer 1

It is defined as when the situation arises of increasing in the income of a country

Answer 2

Answer:

As per the question

Economic Growth : means increase in output r production

Economic growth : A rise in living standards

Average standard living : Total output ( real GDP ) per person

High real GDP per ca-pita : Associated with a higher of life

Very low GDP per ca-pita : Lower quality of life for most people

Economic growth can be defined as an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. Economic growth can be measured in nominal terms, which included inflation, or in real terms , which are adjusted for inflation