What is Economic growth ?
Definition:
- Economic
growth is defined as long-term increase in production potential of
the economy of a country.
- It
is is an increase in the capacity of an economy to produce goods and
services, compared from one period of time to another.
- It
is a quantitative concept.
- For
example, Agricultural Growth, Industrial Growth etc.
- Increase
in the capital stock, advances in technology and improvement in the
quality and level of literacy are considered to be the principal causes of
economic growth.
Suggested Links
What is Trade Facilitation Agreement (TFA)? What is Safeguard Duty ? What is Banks Board Bureau (BBB) ? What is 'Rurban Mission' ? What is IPAB ?Find us on Facebook
