Fundamentals of Economics
Economic growth is the increase in the production of goods and services in an economy over a certain period of time. It is a measure of the increase in the level of economic activity in a country. One way to measure economic growth is through the calculation of gross domestic product (GDP), which is the total value of all goods and services produced in a country over a specific period of time.
Economic growth can come from a variety of sources. One major source of economic growth is increased productivity, which can come from technological advancements, improvements in infrastructure, or changes in management practices. Another source of economic growth is increased investment, which can come from both domestic and foreign sources. An increase in investment can lead to the creation of new businesses, the expansion of existing ones, and the development of new products and services.
It is important to note that economic growth does not always translate into an improvement in living standards. While economic growth can lead to an increase in the production of goods and services, it does not necessarily mean that these goods and services are being distributed evenly throughout society. In some cases, economic growth can lead to greater inequality and a widening gap between the rich and poor.
Despite this, economic growth is generally seen as a positive development for a country. It can lead to increased employment opportunities, higher wages, and improved standards of living. It also provides governments with increased revenue, which can be used to fund public services and infrastructure projects.
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