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Question
The increase in the capacity of an economy to produce goods and services to satisfy the wants of individuals in the society is known as
The increase in the capacity of an economy to produce goods and services to satisfy the wants of individuals in the society is known as
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Solution
The correct option is D economic growth
Economic growth can be defined as an increase in the capacity of an economy to produce goods and services to satisfy the wants of individuals in the society. Every economy has three main sectors that help in increasing production: agriculture, manufacturing, and service. However, economic growth may not be uniform in all sectors.
Economic growth can be defined as an increase in the capacity of an economy to produce goods and services to satisfy the wants of individuals in the society. Every economy has three main sectors that help in increasing production: agriculture, manufacturing, and service. However, economic growth may not be uniform in all sectors.
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