Economic growth can be defined as the increase in the gross domestic product (GDP), which is the sum of the prices of all the products produced in a country during a given year. When an economy sees growth in production, labor output, technological advancement, the GDP automatically grows, which is the key factor to overall economic growth.
Generally, economic growth should mean that the citizens of the country have opportunities to earn and spend. Employment and business opportunities are usually abound in a country where economic growth is fast.
The gross domestic product per capita gauges the wealth of a nation's population. The connection between GDP and the Human Development Index (HDI), in addition to income recognized indicators of life expectancy and education is very steep.
Technology plays a very crucial in the growth of economy. The contribution to economic growth without an increase in the use of capital and labor, but with technological advancement is called technical progress. If an economy does not use technology, its growth will halt and competitors will out compete it. Technology should be used to improve production processes, create new products, and develop new raw material resources or new organizational structures act.
- Image courtesy: journalrecord.com
A culture grows when it embraces new ways and innovation. Economic development has a lot to do with cultural growth, but a society can grow culturally if it adopts new ways without actually accelerating its economy. Technological changes have a direct effect on culture of a country and people usually embrace new ways, means, and traditions.
Change in social structure can cause a culture of a country to grow. On the other hand, a certain ideology, religious or non-religious, plays a vital role in cultural growth of a society.
- Image courtesy: iduna.pt