Concept and Measurement of Economic Growth
The concept, and measurement, of Economic Growth
Economic Growth is defined as the growth and expansion of an economy as it increases its capacity to meet demand. It is measured by the different types GDP (Gross Domestic Product) growth. However, the performance of the economy can be assed through a variety of different macroeconomic objectives that ensure the economy is meeting a sustainable level of economic growth, price stability and full employment. These factors can create and ‘economic report card’ that allows economists to scrutinise the performance of the nation’s growth levels.