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5. Economic Growth
8 Pages • Partial Study Notes • Year: Pre-2018
Economic growth is measured by the percentage change in real gross domestic product (Real GDP) each year. Economic growth means that there is an increase in the amount of goods and services available for society. The value of goods and services that a household consumes each year is called their standard of living. Economic growth increases the standard of living for all households in the community. For this reason economic growth is the principal macroeconomic objective and the best indicator of an economy’s performance. Economic growth may mean improved medical technology, improvements in the nutritional content of food, better infrastructure, improved housing or better entertainment. Some of the benefits of growth may be longer and more meaningful lives with less sickness or disease.
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