- Economic Growth is a narrower concept than economic development.
- It is an increase in a country’s real level of national output which can be caused by an increase in the quality of resources (by education etc.), increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy.
- Economic Growth can be measured by an increase in a country’s GDP (gross domestic product).
- Economic growth measures an increase in Real GDP (real output).
- GDP is a measure of the national income/national output and national expenditure.
- It basically measures the total volume of goods and services produced in an economy.
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