ECS1500
ASSESSMENT 5
, Economic Growth
• Economic growth refers to the rise in a country’s total economic output. Real
Gross Domestic Product (GDP) over time reflects higher production of goods
and services, improved living standards, and greater income per person. It
shows how rapidly an economy is expanding. It excludes inflation to measure
real changes in economic activity.
ASSESSMENT 5
, Economic Growth
• Economic growth refers to the rise in a country’s total economic output. Real
Gross Domestic Product (GDP) over time reflects higher production of goods
and services, improved living standards, and greater income per person. It
shows how rapidly an economy is expanding. It excludes inflation to measure
real changes in economic activity.