Question

Answer the following questions

What are the features of economic growth?

Answer 1

Economic growth implies a consistent and a considerable rise in the amount of goods and services produced by an economy over a period of time. The following are some of the features of economic growth.
a. Continuous in nature- Economic growth is a continuous process, as it indicates a continuous and steady increase in the production process.
b. Long term- The concept of economic growth requires the national income to maintain over a longer period. Thus, it is a long term phenomenon.
c. Quantitative concept- Economic growth does not take into account the qualitative aspects like infrastructure, employment, tastes and preferences of the people. It is infact quantitative in nature as it basically studies the quantitative rise in the economic factors.
d. Not provide solutions to social problems- Economic growth in terms of an increase in the real national income does not provide solution to social problems such as poverty, unemployment, etc.