ECONOMIC GROWTH Meaning and
Definition
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Economic growth refers to the sustained increase in the production and consumption of goods and services within an economy over a specific period of time. It is often measured by the gross domestic product (GDP) or the value of all final goods and services produced within a country's borders in a given year. Economic growth signifies the expansion of an economy’s productive capacity, enabling it to produce more goods and services, and thereby raising the overall standard of living.
This growth is typically associated with positive consequences such as increased employment opportunities, improved living standards, and reduced poverty rates. Various factors contribute to economic growth, including technological advancements, increased capital investment, improved infrastructure, a skilled workforce, and favorable economic policies.
Economic growth can be distinguished from economic development, which encompasses a broader set of factors, including social, political, and environmental dimensions. Additionally, economic growth may not necessarily equate to increased societal well-being, as it may be accompanied by income inequality, environmental degradation, or other social consequences.
Governments and policymakers often prioritize economic growth as a key objective for their nations. However, maintaining a sustainable and inclusive growth model that benefits all members of society while minimizing negative externalities and preserving natural resources remains a challenge.
Common Misspellings for ECONOMIC GROWTH
- wconomic growth
- sconomic growth
- dconomic growth
- rconomic growth
- 4conomic growth
- 3conomic growth
- exonomic growth
- evonomic growth
- efonomic growth
- edonomic growth
- ecinomic growth
- ecknomic growth
- eclnomic growth
- ecpnomic growth
- ec0nomic growth
- ec9nomic growth
- ecobomic growth
- ecomomic growth
- ecojomic growth
Etymology of ECONOMIC GROWTH
The word "economic" is derived from the Greek word "oikonomia" meaning "management of a household" or "administration of resources". It was formed by combining the words "oikos" meaning "house" or "household" and "nomos" meaning "law" or "rule".
The word "growth" has roots in Old English and comes from the verb "growan" meaning "to grow, increase, flourish". It is related to other Germanic languages' words like German "wachsen" and Dutch "groeien".
When combined, "economic growth" refers to the increase or expansion of the overall economic activity or output within a specific region or country.
Similar spelling words for ECONOMIC GROWTH
- economic geography,
- economic crisis,
- economic policy,
- economic geology,
- economic aid,
- economic expert,
- economic process,
- economic system,
- economic value,
- economic science,
- economically,
- economic rent,
- economic theory.
