Question

Effects of economic growth on the people of india

Answer 1

Population is the resource of labor force. The larger the size of population, the larger will be the labor force. Labor alone cannot produce anything. If other resources required for production are also available in sufficient quantity then a labor force is productive assets for a country. If other resources are not available in sufficient quantities then large labor force can become an obstruction to faster economic growth. Some countries particularly the developing countries have fast growth rate of population. This paper intends to highlight how the fast growth of population affects the economic development of the country and it also tries to suggest some measures to control population explosion so that economic development may not be hindered.

Answer 2

DEFINITION OF 'ECONOMIC GROWTH'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 include inflation, or in real terms, which are adjusted for inflation. For comparing one country's economic growth to another, GDP or GNP per capita should be used as these take into account population differences between countries.INVESTOPEDIA EXPLAINS 'ECONOMIC GROWTH'Economic growth is usually associated with technological changes. An example is the large growth in the U.S. economy during the introduction of the Internet and the technology that it brought to U.S. industry as a whole. The growth of an economy is thought of not only as an increase in productive capacity but also as an improvement in the quality of life to the people of that economy.