ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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). Economic growth can be measured in ‘nominal’ or ‘real’ terms.

Detailed explanation-2: -While GNP measures production, it is also commonly used to measure the welfare of a country. Real GNP growth is seen as an improvement in living standards. Unfortunately, GNP is not a perfect measure of social welfare and even has its limitation in measuring economic output.

Detailed explanation-3: -● Economic growth implies a process of increase in real national income and real. per capita income. ● Economic development is defined as a sustained improvement in material well being of society.

Detailed explanation-4: -Economic growth – sometimes simply “growth” – typically refers to GDP growth. A country’s gross domestic product or GDP is a measure of the size and health of its economy. It is the total value of goods and services produced over a specific time period.