Question

Define economic growth and recognize the importance of economic growth rates.

Short answer

The economic growth rate is the rate at which the result of an economy increments after some time.

Step-by-step solution

introduction

Economic growth rate is utilized as a sign of the economic prosperity of a country. Economic growth is utilized as the most impressive instrument for decreasing neediness and working on the way of life of the inhabitants of a country.

explanation part (1)

Economic growth generates new positions and opens doors. The expansion in positions prompts an ascent sought after for work which thus prompts an ascent in wages and pay rates of common labourers.

Economic growth prompts an endless loop of flourishing and opportunity.

part (2)

Economic growth in one period will build results and pay in the other period which will thusly initiate firms to extend and increment yield further. Likewise, expanded pay because of economic growth will initiate families to put resources into instruction and work on their abilities. This will prompt a further improvement in the accessibility of gifted work in future.