NEET BIOLOGY

Detailed explanation-1: -Economic growth is an increase in the capacity of an economy to produce goods and services, compared from one period of time to another.

Detailed explanation-2: -“Economic growth is an increase in the production of economic goods and services, compared from one period of time to another” is the definition at Investopedia.

Detailed explanation-3: -Economic growth is an increase in the production of goods and services in an economy. Increases in capital goods, labor force, technology, and human capital can all contribute to economic growth.

Detailed explanation-4: -The real GNP is simply the actual national income of the country being measured. It doesn’t care where the production is located in the world as long as the earnings come back home. In terms of differences between real GNP and real GDP, real GDP is the preferred measure of U.S. economic health.

Detailed explanation-5: -Nominal GNP is measured at current prices. Since this aggregate measures the value of goods and services at current year prices GNP will change when volume of product changes or price changes or when both changes. Real GNP is computed at the constant prices.