- #1
Thread Owner
: Expensivejoy01
Economic growth
It is an expansion in a nation's real output i.e expansion in a nation's capability to produce the goods and services it's people want. A nation experiences economic growth if it's real output (Real GDP) increase as well as it's per capita income. The rate of economic growth is measured as the percentage increase in real GDP overtime.
Sources of economic growth:-
*} Human resources
*} Natural resources
*} Capital formation
*} Technology.
It is an expansion in a nation's real output i.e expansion in a nation's capability to produce the goods and services it's people want. A nation experiences economic growth if it's real output (Real GDP) increase as well as it's per capita income. The rate of economic growth is measured as the percentage increase in real GDP overtime.
Sources of economic growth:-
*} Human resources
*} Natural resources
*} Capital formation
*} Technology.
