Answered: The period of rapid and sustained…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The period of rapid and sustained increase in real output per capita that began in the Western World with the Industrial Revolution is known as the period of

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technological change.

social progress.

modern economic growth.

creative destruction.

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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Industrialization refers to an approach by which an economy will be moving from agrarian production to mass-produced, technologically-enhanced items and services. The industrial revolution lead to increased production and efficiency, improved wages, reduced prices and thus sustained increase in real income per person.

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