What is economic growth? What are the advantages and disadvantages of economic growth?© BrainMass Inc. brainmass.com October 10, 2019, 7:49 am ad1c9bdddf
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 ...
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.