Economics growth

 Economic growth

🌱Economic Growth is the positive change in the indicators of economy.

🌱Economic Growth refers to the increment in amount of goods and services produced by an economy.

🌱Economic growth means an increase in real national income / national output.

🌱It refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income.

🌱Economic growth is single dimensional in nature as it only focuses on income of the people.

🌱Earlier, economic growth was only measured in terms of Gross Domestic Product (GDP).

🌱At present, it is measured in terms of GDP, Gross National Income (GNI) and Per Capita Income.

🌱Economic Growth is the precursor and prerequisite for economic development.

🌱Indicators of economic growth are GDP, GNI and per capita income.

🌱Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports.

🌱It is also considered as a traditional measure of development which indicates the quantitative rise of economy.

🌱Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.

🌱Economic growth is concerned with increase in economy’s output.

🌱It focuses on production of goods and services.

🌱Economic growth is more relevant metric for assessing progress in developed countries.

🌱Economic growth is relatively narrow concept as compared to economic development.

🌱It is for short term/short period.

🌱It is a material/physical concept.

🌱Economic growth is measured in certain time frame/period.