ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economic growth may also lead to greater stress on workers. Increase of output may require some people to work for longer hours, some to learn new skills and some to change their job. The net impact of economic growth is influenced by its rate, means adopted to achieve it and distribution of its benefits.

Detailed explanation-2: -Economic growth provides the basis for overcoming poverty and lifting living standards. But for growth to be sustained and inclusive, its benefits must reach all people. While strong economic growth is necessary for economic development, it is not always sufficient.

Detailed explanation-3: -When an economy is growing, it is a sign of prosperity and expansion. Positive economic growth means an increase in money supply, economic output, and productivity. An economy with negative growth rates has declining wage growth and an overall contraction of the money supply.

Detailed explanation-4: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy. How these factors are combined determines the success or failure of the outcome.