Which statement best describe the economic growth over time? Select one: a. for most of civilianization people's standard of living was quite low and only in the last couple centuries has there been sustained increases in GDP per capita. b. the world has had constant increases in GDP per capita since the agrarian revolution and people stated living in settlements. c. ever since the rise of the roman empire the world economy has been growing and the standard of living has increased. d. the GDP per capita today is the same as it was thousands of years ago.

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Business

Thaddeus Valentine

19 August, 08:38

Which statement best describe the economic growth over time? Select one: a. for most of civilianization people's standard of living was quite low and only in the last couple centuries has there been sustained increases in GDP per capita. b. the world has had constant increases in GDP per capita since the agrarian revolution and people stated living in settlements. c. ever since the rise of the roman empire the world economy has been growing and the standard of living has increased. d. the GDP per capita today is the same as it was thousands of years ago.

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Desiree Lloyd · Answer 1

The answer to the question is b - "the world has had constant increases in GDP per capita since the agrarian revolution and till when people started living in settlements."

Explanation:

The above statement is proven factual since growth in economics means the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the per cent rate of increase in real Gross Domestic Product.

Development of new goods and services also creates economic growth. The growth from an agrarian society to people living in settlement showed great growth and development of the society.

Moreover, considering the impacts of the four major factors that stimulate economic growth and development - human resources, physical capital, natural resources and technology, societies have evolved tremendously over time from agrarian to technologically driven economies.

Definition of Terms:

Per capita income (PCI) or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing the area's total income by its total population.

Agrarian Economy:

An agrarian economy is rural rather than urban-based. It is centred upon the production, consumption, trade, and sale of agricultural commodities, including plants and livestock.