Q:-Define the meaning of Economic growth?
Ans: - Economic growth means an increase in a country's national output which can be caused by the maximization in the value of goods and services produced by agrarian, industrial and all other sector of the economy. It can be measured by the increase or decrease in a country's gross domestic product (GDP). Of more importance in the growth of the ratio of GDP to population, this is also called per capita income. The growth may be increased caused by more efficient use of inputs is referred to intensive growth.
However, GDP growth caused only by increase in inputs such as capital, population or territory is called extensive growth. Economic growth is generally differentiated from development economics. The economic growth is primarily the study of how countries can advance their economies. On the other hand, the development economics is the study of the economic aspects of the development process in low-income countries.
