Which can be approximated by the growth of gross domestic product, ultimately determines the prevailing standard of living in a country. trade balance inflation education economic growth

Economic growth

Explanation:

The economic growth is basically refers to the increase in the economical capacity for producing the various types of product and the services as compared to the specific period of the time.

The economic growth can be measured in real and the nominal terms. There are four main factors of the economic growth are as follows:

The Economical growth rate is basically determined by the ratio of the GDP to the per capital income or the population. When the economical growth get increased then, the labor, material and the physical capital are automatically get increased.

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