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

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

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).