All are terms relating to Economic Growth.
- Right: the direction a production possibilities curve shifts when the economy grows.
- Human capital: the skills and knowledge that employees bring to their jobs.
- Infrastructure: the items necessary for a business or community to function, such as railroads, airports, hospitals, and Internet.
What is Economic growth of a country?
- When comparing one period of time to another, economic growth is a rise in the production of economic commodities and services. It can be calculated in nominal or real (inflation-adjusted) terms.
- Although other metrics are also employed, gross national product (GNP) or gross domestic product (GDP) are the most common ways to quantify overall economic growth.
- An economy is said to be experiencing economic growth when its total output rises. Gains in overall production frequently, but not always, correlate with higher average marginal productivity.
In economic growth, there is a gain in income, which encourages people to spend more money on goods and services, raising the standard of living or quality of life in tangible terms.
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