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Investments in human and physical resources, technology, and industrial production are all significantly influenced by institutions is the reason it is important for economic growth and development.
A country's political, legal, economic and social institutions will affect its rate of economic growth.
Economic growth is a rise in the production of goods and services on a comparative basis between two periods of time. It can be calculated in nominal or real (inflation-adjusted) terms. Although other metrics are also employed, gross national product (GNP) or gross domestic product (GDP) is the most common ways to quantify overall economic growth. The economy experiences varying phases of activity. The "business cycle" is the name given to this motion. There are four stages:
- Expansion
- Peak
- Contraction
- Trough
To learn more about economic growth click here:
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