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Q.

Economic ____ refers to the sustained increase in the real per capita income of an economy.


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Detailed Solution

Economic growth is the sustained increase in an economy's real per capita income. It helps reduce poverty, income inequalities, and unemployment and helps promote an economy's overall welfare. Economic growth is different from economic development as the economic development of a country is measured based on the quality of life, environmental sustainability and per capita income. Quality of life and environmental sustainability shows the standard of living of citizens of a country.
 
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