Economic growth is a term which can be estimated by the growth of GDP, ultimately determines the prevailing standard of living in a country.
Given an incomplete sentence related to the growth of GDP and standard of living in a country.
We are required to fill a term which can complete the sentence and the sentence gives appropriate meaning.
GDP is the market value of all goods and service that are produced in the economy in an accounting year.
The term which will complete the sentence is economic growth.
Economic growth is basically the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy over a certain period of time.
Hence economic growth is a term which can be estimated by the growth of GDP, ultimately determines the prevailing standard of living in a country.
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