Answered: Economic growth can result from…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Economic growth can result from

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increased labor productivity.

all of the above

technology.

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Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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Introduction:

As previously stated, economic growth is an increase in the quantity and quality of economic goods and services produced by a society. A society's total income corresponds to the total sum of goods and services produced - everyone's spending is someone else's income. Economic growth is the increase in the quantity of goods and services produced by an economy, typically a nation, over time. It is expressed as a percentage increase in the real gross domestic product (GDP), which is the GDP adjusted for inflation. Economic growth expands the capacity of the state and the supply of public goods.

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