CHILD DEVELOPMENT PEDAGOGY

Detailed explanation-1: -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-2: -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. The word “real” means that the total has been adjusted to remove the effects of inflation.

Detailed explanation-3: -Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity (output per hour worked) of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income.

Detailed explanation-4: -GDP measures the monetary value of final goods and services-that is, those that are bought by the final user-produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.

Detailed explanation-5: -Economic growth and development are essential for the well being of any country. It is measured in terms of improvement in the production of goods and services along with enhancement in quality of life within a country compared to previous years.