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Identify and explain the concepts from the given illustrations : As per the data for financial year 2018-19, the country's production of goods and services increased by 20% - Economics

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Question

Identify and explain the concept from the given illustration :

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

One Line Answer
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Solution

(A) Identified concept : Economic growth

(B) Explanation of concept: Economic growth refers to quantitative increase in real national Income (production of final goods and services).

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Chapter 1: Basic Concepts in Economics - Exercise Q.3 [Page 8]

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Balbharati Economics [English] Standard 11 Maharashtra State Board
Chapter 1 Basic Concepts in Economics
Exercise Q.3 | Q 3 | Page 8
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