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Advantages and Disadvantages of Economic Growth

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What is economic growth? What are the advantages and disadvantages of economic growth?

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Solution Summary

This solution seeks to provide information on economic growth. In particular, it defines economic growth and cites examples of some of the advantages and disadvantages of economic growth.

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Economic growth may be defined as a positive change in the level of production of goods and services by a country over a certain period of time. It is generally considered to be an increase in the wealth, or more precisely the income, of a nation or entity. It is conventionally measured as the percent rate of increase in real gross domestic product, or GDP.

Growth is usually calculated in real terms, i.e. inflation-adjusted terms, in order to net out the ...

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