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Economic growth and Economic development:
Economic Growth refers to an increase in real aggregate output (real GDP) reflected in increased real per capita income.A country is said to experience economic growth if overtime, its real output (real GDP) increases as well as its real per capita income.
Economic development is a sustainable increase in real GDP that implies increased real per capita income, better education and health as well as environmental protection, legal and institutional reforms and an efficient production and distribution system for goods and services.
The government notices that there is an output gap and decides to increase government spending with a stimulus package of $4 trillion in hopes that it will spur growth and stop une
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I want to know all about equilibruim consumer equilibruim firms equilibruim nd market equilibruim technically also??
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