Economic Growth Mathematics & Economics Essay Paper (Essay Sample)
THE PAPER WAS ADDRESSING VARIOUS ECONOMIC TERMSsource..
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Economic growth refers to an increase in the market value of the goods and services that are being produced by the economy over a given duration. The conventional measure of economic growth is always the percent rate of the real gross domestic product increase or the real GDP.The growth of the ratio of the GDP to population which is also per capita income is of great importance. When per capita income increases it is referred to as intensive growth. If only the increase in the population or the territory causes the GDP growth then it is called extensive growth. In the case of eliminating the distorting effects of the inflations on the prices of the goods produced, growth is always being calculated in real terms. Economic growth differs from economic development. The formerly is basically the study of how the countries can improve their economies. The latter refers to a study of the economic aspects of the process of development in the low income countries.
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