CHILD DEVELOPMENT PEDAGOGY

Detailed explanation-1: -Growth is defined as the increase in output per capita of a country over a long period of time. One primary factor that influences the growth of an economy is technological change. When looking at long-run growth, technological change in the economic environment makes production more or less efficient.

Detailed explanation-2: -Productivity growth occurs when we find ways to produce more with a given amount of labour and capital. Productivity growth is often associated with increases in efficiency and advances in technology. Increases in aggregate supply increase the productive capacity of the economy (usually called potential output).

Detailed explanation-3: -Economic growth is an increase in a country’s per capita output.

Detailed explanation-4: -Capital goods are important for increasing the long-term productive capacity of the economy. More capital goods reduce consumption in the short-term, but can lead to higher living standards in the economy. Therefore, economies often face a trade-off between consumer goods and capital goods.

Detailed explanation-5: -Economic growth, as we said before, is an increase in the production of the quantity and quality of the economic goods and services that a society produces. The total income in a society corresponds to the total sum of goods and services the society produces – everyone’s spending is someone else’s income.