GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Increase in per capita production
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Increase in per capita real income
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Structural change in the economy
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All of the above
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Detailed explanation-1: -An increase in the amount of goods and services produced per head of the population over a period of time is called economic growth. It includes increase in per capita production, per capita real income and structural change in economics.
Detailed explanation-2: -Economic growth is the increase in the capacity of the economy to produce more of goods and services as compared to the previous year. It can be calculated as the percentage increase in the GDP of a country.
Detailed explanation-3: -Increases in capital goods, labor force, technology, and human capital can all contribute to economic growth. Economic growth is commonly measured in terms of the increase in aggregated market value of additional goods and services produced, using estimates such as GDP.