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What Do We Mean by Economic Growth?
What Do We Mean by Economic Growth?
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Solution
Economic growth refers to the increase in production of goods and services in an economy, which has a direct impact on the national output. The increase in production will lead to increase in national income, which translates into higher economic growth.
Also read:
- Difference Between Economic Growth and Economic Development
- Meaning and Impact of Human Capital on Economic Growth
Learn about more questions and answers on business studies and various other commerce topics from our website.
Economic growth refers to the increase in production of goods and services in an economy, which has a direct impact on the national output. The increase in production will lead to increase in national income, which translates into higher economic growth.
Also read:
- Difference Between Economic Growth and Economic Development
- Meaning and Impact of Human Capital on Economic Growth
Learn about more questions and answers on business studies and various other commerce topics from our website.
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