what is economic growth? explain about it???
Answers
Economic growth is an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. It can be measured in nominal or real terms, the latter of which is adjusted for inflation.
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Economic Growth :
an increase in the amount of goods and services produced per head of the population over a period of time.
Economic growth is an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. It can be measured in nominal or real terms, the latter of which is adjusted for inflation.
Economic growth only comes from increasing quality and quantity of the factors of production, which consist of four broad types: land, labor, capital, and entrepreneurship.
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