CHILD DEVELOPMENT PEDAGOGY

Detailed explanation-1: -Economic growth is an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. It can be measured in nominal or real terms, the latter of which is adjusted for inflation.

Detailed explanation-2: -The definition in the Oxford Dictionary is almost identical: “Economic growth is the increase in the production of goods and services per head of population over a stated period of time”.

Detailed explanation-3: -Economic growth is an increase in the production of goods and services in an economy. Increases in capital goods, labor force, technology, and human capital can all contribute to economic growth.

Detailed explanation-4: -An economic growth rate is the percentage change in the value of all of the goods and services produced in a nation during a specific period of time, as compared to an earlier period. The economic growth rate is used to measure the comparative health of an economy over time.

Detailed explanation-5: -Gross Domestic Product measures the value of goods and services produced by a nation. Gross National Product measures the value of goods and services produced by a nation (GDP) and income from foreign investments. Some economists posit that total spending is a consequence of productive output.