Answered: What does it mean by marginal economic…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 10SCQ: What are the advantages of backwardness for economic growth?

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What does it mean by marginal economic growth?

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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Economic growth(g) refers to the increase(↑) in the-production of goods-and services(G&S) in an economy(e). Economic growth(g) is measured in terms of the increase(↑) in market(mkt) value of additional goods-and services(G&S) using GDP.

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