3.4 Explain the concept of "Economic growth." (2 points)

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12-08-2024
Social Studies

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3.4 Explain the concept of "Economic growth." (2 points)

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-08-12T16:48:47-04:00

Final answer:

Economic growth is the increase in the market value of goods and services produced by an economy over time, influenced by factors like population and productivity.

Explanation:

Economic growth is defined as the increase in the market value of goods and services produced by an economy over time. It is usually measured as a percentage rate of increase in the real gross domestic product. Economic growth is directly impacted by factors such as gains in population and gains in productivity.

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