As per the data for the financial year 2018-19, the country’s production of goods and services increased by 20%.

Question

Identify and explain the concept from the given illustrations:

As per the data for the financial year 2018-19, the country’s production of goods and services increased by 20%.

Answer 1

Economic Growth. 

Economic growth means an increase in the real national income of the country. In the above illustration, since the country’s production of goods and services has increased, it is rightly said to be economic growth.