Answered: Relates to levels of social and…

Relates to levels of social and humanitarian achievement and income distribution. a. economic growth b. economic development c. economic cycle. d. economic fluctuations.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter17: Growth And Less Developed Countries

Section: Chapter Questions

Problem 7SQP

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Question

Relates to levels of social and humanitarian achievement and income distribution.
a.     economic growth
b.     economic development
c.     economic cycle.
d.     economic fluctuations.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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