Question

Explain the term economic growth

Answer 1

When we talk about the term economic growth it means with respect to some other year or period of time

when there is economic growth it means there will be production of economic goods and services with respect to another time period

it can be expressed in terms of nominal or real

it is generally expressed by GDP or gross domestic product which is the final production value of goods and services within the boundary of a country in a financial year

higher economic growth percentage means the economy is doing good as compare to other nations