To determine: Importance of
Explanation of Solution
The economic growth rate matters to the country, as it is linked to the living standards. Higher economic growth rate signifies that a country is producing more goods and services, which makes life better for the people. Higher economics growth rate enables the availability of wide choice of goods and services, ensure better health care and the government will also be able raise necessary resources to provide services to the general public.
Concept Introduction:
Economic growth: Economic growth is defined as an increment in the real inflation-adjusted of total market value of goods and services produced or growth of Real
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Economics, Student Value Edition (7th Edition)
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