meaning of economic growth and development
vivek5347:
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP.
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Economic Growth And Development. ... Another way to define growth is the increase in a country's total output or Gross Domestic Product (GDP). It is the increase in a country's production. A country's economic development is usually indicated by an increase in citizens' quality of life.
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@Gunjal
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Economic growth in an economy is demonstrated by an outward shift in its Production Possibility Curve (PPC). Another way to define growth is the increase in a country’s total output or Gross Domestic Product (GDP). It is the increase in a country’s production.
A country’s economic development is usually indicated by an increase in citizens’ quality of life. ‘Quality of life’ is often measured using the Human Development Index, which is an economic model that considers intrinsic personal factors not considered in economic growth, such as literacy rates, life expectancy and poverty rates.
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