What are the 2 definitions of economics growth
What are the 2 definitions of economics growth?
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Economics growth has two definitions which are given below:-
1. The increase in real GDP, that occurs over a phase of time.
2. The increase in real GDP per capita, that occurs over a time. This definition is superior if association of living standards is required. For eg: China’s GDP is $744 billion which is compared to Denmark’s $155 billion, but per capita GDP’s are $620 and $29,890 respectively.
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Describe the Functional distribution of income?
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Illustrate Professional and personal applications?
Production Possibility Curve: Similar to the individuals, a society as entire has restricted resources. It has to decide what to manufacture with restricted resource
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