Question

select the correct answer.
what is the definition of economic growth?
a. an increase in the amount of money remitted by foreign workers to their native country
b. the average annual rate at which the gross revenue of all commercial organizations grows
c. a rise in the total amount of goods and services produced within the borders of a nation
d. a change in the economic value of the skills and knowledge of a nations employees

Explanation:

To determine the correct definition of economic growth, we analyze each option:

• Option A: Remittances by foreign workers are not the definition of economic growth. Economic growth is about domestic production, not remittances.
• Option B: Economic growth is not about the gross revenue of commercial organizations. It pertains to the entire nation's production, not just commercial entities.
• Option C: Economic growth is defined as an increase in the total output (goods and services) produced within a nation's borders over time. This matches the standard definition.
• Option D: The economic value of employees' skills and knowledge refers to human capital, not economic growth.

Answer:

C. a rise in the total amount of goods and services produced within the borders of a nation