CHILD DEVELOPMENT PEDAGOGY

Detailed explanation-1: -current market prices by the population. A variation of the indicator could be the growth in real GDP per capita, which is derived as the percentage change in real GDP divided by the population.

Detailed explanation-2: -Economists use many different methods to measure how fast the economy is growing. The most common way to measure the economy is real gross domestic product, or real GDP. GDP is the total value of everything-goods and services-produced in our economy.

Detailed explanation-3: -Real GDP can be calculated by adjusting nominal GDP by inflation. Real GDP can also be measured as a dollar or a percentage by calculating changes in real GDP from one period to the next. Real economic growth is used by policymakers to determine growth over time by comparing GDP from different time periods.

Detailed explanation-4: -Annual growth rate of real Gross Domestic Product (GDP) per capita is calculated as the percentage change in the real GDP per capita between two consecutive years. Real GDP per capita is calculated by dividing GDP at constant prices by the population of a country or area.

Detailed explanation-5: -Economic growth refers to an increase in the size of a country’s economy over a period of time. The size of an economy is typically measured by the total production of goods and services in the economy, which is called gross domestic product (GDP).