Economic growth is the increase in the market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase inreal gross domestic product, or real GDP.
Growth is usually calculated in real terms to eliminate the distorting effect of inflation on the price of goods produced.
In economics, "economic growth" or "economic growth theory" typically refers to growth of potential output, i.e., production at " full employment".
As an area of study,economic growth is generally distinguished from development economics. The former is primarily the study of how countries can advance their economies. The latter is the study of the economic aspects of the development process in low-income countries.
Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure. For example, GDP only measures the market economy, which tends to overstate growth during the change over from a farming economy with household production. Also, there is no allowance in GDP calculations for depletion of natural resources.
Factors affecting economic growth
The primary driving force of economic growth is the growth of productivity, which is the ratio of economic output to inputs ( capital, labor, energy, materials and business services (KLEMS)).
Increases in productivity lower the cost of goods, which is called a shift in supply.
Finally the new NIGERIA PIDGIN
ENGLISH BIBLE is out.
one of the popular chapter is psalm 23, which reads :
1. The Lord na my shepherd, i dey kampe...
2. E make me sidon
for where betta dey flow and come put me next to stream make mai bodi
thermacool...
3. E panel beat mai soul come spray am white, come dey lead me dey go
through express road of righteousness sake of Him name.
4. Walahi!, if I waka pass
where arm robber, 419 and juju people boku, come even join boko
haram reach valley of the
shadow of death sef,mai bodi dey inside cloth. Your rod and staff nko ?
Na so dem dey like back bone dey comfort me.
5. You don prepare good foodon top d table make I chop. All mai
enemies dey look waa waa. You
rub me for head wit vaseline intensive lotion. mai cup na River Niger
wey overflow hin bank.
6. True true, betta life and mercy go gum mai back till I quench.
And man pikin go tanda for God house from lai lai to lai lai. GOD
ALMIGTHY NA YOU BIKO AMEN.
#copied
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