Economic growth fundamentally refers to the increase in the production of goods and services in an economy. Measuring it requires accounting for changes in prices (real) and population (per capita) to reflect changes in the average standard of living or productive capacity per person. Increase in per capita real GDP is a standard metric for this purpose.
Which of the following is the correct definition of 'economic growth' ?
Asked in OPSC CS Prelims 2016 · Topic: National Income & Gross Domestic Product (Factors Determining National Income and Economic Growth)
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Answer: C. Increase in per capita real GDP over time
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