GENERAL KNOWLEDGE

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: -Economic growth – measured as an increase of people’s real income – means that the ratio between people’s income and the prices of what they can buy is increasing: goods and services become more affordable, people become less poor.

Detailed explanation-3: -In macroeconomics, output growth is the growth in the production of goods in services over a given period of time. It is closely tied to economic growth and rising GDP. It is often measured as the percentage of change in real GDP over a time frame.