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m is a branch of economics that deals with the
study of macroeconomic causes of long term
economic growth, and microeconomics; the
incentive issues of individual households and
firms, especially in developing countries.
m
is the study of the production,
distribution, and consumption of goods and
services Ͷ the economy. Economists attempt
to understand the economy and the way it
responds to various influences, such as
changes in federal interest rates. Economics is
considered a social science.
is a phenomenon which occurs
over a long period of time but economic
growth is increase in GNP which can occur
when we are able to achieve increase in
number of resources or increase in technology
or by the combination of both.
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m Ús a concept, m
can be
seen as a complex multi-dimensional concept
involving improvements in human well-being,
however defined ritics point out that GDP is a
narrow measure of economic welfare that does
not take account of important non-economic
aspects (eg. more leisure time, access to health &
education, environment, freedom or social
justice). m
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insufficient condition for economic development.
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&" &necessities such as food shelter
& health care and broadening their distribution
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m The three building blocks of most growth
models are:
å (1) the production function,
å (2) the saving function, and
å (3) the labor supply function (related to
population growth).
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