Home /
Expert Answers /
Economics /
how-do-economists-understand-the-nature-of-growth-for-example-if-us-nominal-gdp-gross-domestic-pr-pa546
(Solved): How do economists understand the nature of growth? For example, if US Nominal GDP (Gross Domestic Pr ...
How do economists understand the nature of growth? For example, if US Nominal GDP (Gross Domestic Product not adjusted for inflation) was $20 trillion in 2018 and rose to $22 trillion in 2019, what was the rate of growth from 2018 to 2019? Is there more than one way to measure growth? If so, explain. What does a negative growth rate mean? Can you cite an example of a negative growth scenario?
Economic growth is an increase in the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real (adjusted for inflation)