Increase in domestic production and services leading to all-round growth in people’s standard of living is known as [[1]].

see full answer

Want to Fund your own JEE / NEET / Foundation preparation ??

Take the SCORE scholarship exam from home and compete for scholarships worth ₹1 crore!*

An Intiative by Sri Chaitanya

(Unlock A.I Detailed Solution for FREE)

Ready to Test Your Skills?

Check your Performance Today with our Free Mock Test used by Toppers!

Take Free Test

Detailed Solution

An increase in domestic production and services leading to all-around growth in people’s standard of living is known as economic growth.
Economic growth means the economy can make more goods and services than the previous year. The GDP of a country can estimate it. It wants to raise the living standards of its people. The removal of numerous programmes and policies that are not in the best interests of the people living in the country is one of how the Economic outcomes of democracy contribute to economic growth. Even if economic development in democracies is not nearly as rapid as economic growth under dictatorships, it does help remove the economic differences within a government. The rate of economic evolution in a country is affected by numerous aspects, such as the size of a nation's population, the condition of the economy in the world, the degree of cooperation and the economic preferences of the nation.

Watch 3-min video & get full concept clarity

Result Producing online coaching for JEE/NEET of south India

Largest All India Test Series for JEE/NEET

Best Books for IIT JEE

Best Books for NEET

🔥 Start Your JEE/NEET Prep at Just ₹1999 / month - Limited Offer! Check Now!

Get Expert Academic Guidance – Connect with a Counselor Today!

Result Producing online coaching for JEE/NEET of south India

Largest All India Test Series for JEE/NEET

Best Books for IIT JEE

Best Books for NEET