Explain Economic Growth...? " munipalli akshay paul "
Economic Growth: An Overview Economic growth refers to the increase in the production of goods and services in an economy over a period of time. It is typically measured by the rise in a country’s Gross Domestic Product (GDP) or Gross National Product (GNP) . Economic growth is essential for improving living standards, creating jobs, and enhancing overall prosperity. 1. How is Economic Growth Measured? Economic growth is usually assessed through: a. Real GDP Growth Rate: GDP (Gross Domestic Product): The total value of all goods and services produced within a country. Real GDP: Adjusted for inflation to reflect the true increase in value. Formula: Real GDP Growth Rate = GDP in current year − GDP in previous year GDP in previous year × 100 \text{Real GDP Growth Rate} = \frac{\text{GDP in current year} - \text{GDP in previous year}}{\text{GDP in previous year}} \times 100 b. Per Capita GDP: Measures economic gro...