ECONOMIC GROWTH AND DEVELOPMENT Economic growth is the quantitative increase in national income produced in an economy.OR Economic growth is the increase in the market value of the goods and services produced by an economy over time.It is conventionally measured as the percent rate of increase of real gross domestic product, or real GDP. Economic […] Economic Development Class 10 GSEB Notes Important Terms. • Land: It is a natural factor of production. • Capital: It is man-made currency essential for production. • Labour: It is physical or mental work that contributes to production. • Entrepreneurship: It is coordination of land, capital and labour and to undertake production activity. 20.2. Trade, Factor Price Equalization and Economic Growth 731 20.3. Trade, Technology Diffusion and the Product Cycle 732 20.4. Learning-by-Doing, Trade and Growth 736 20.5. Trade and Endogenous Technological Change 736 20.6. Taking Stock 736 20.7. References and Literature 736 20.8. Exercises 736 Part 7. Economic Development and Economic SOCIAL AND ECONOMIC DEVELOPMENT Social and Economic Development Volume 1 e-ISBN: 978-1-84826-359-8 ISBN : 978-1-84826-809-8 For more information of e-book and Print Volume(s) order, please click here Or contact : eolssunesco@gmail.com 1. Introduction 2. Notes on the history of socioeconomic development 3. Intervention and A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text.