Examlex
Explain what is meant by "reliability" of measurement. Are reliable measures always valid? Why
or why not?
Productivity Increase
The improvement in the efficiency of production, often seen through a higher output of goods and services without an increase in input.
Industrial Revolution
A period of major industrialization that took place during the late 1700s and early 1800s, significantly transforming economies with the introduction of machinery.
Economic Growth
An increase in the production of goods and services in an economy over a period of time, often indicated by a rise in real GDP (Gross Domestic Product).
Savings Rate
The fraction of disposable income that is saved instead of spent on various goods and services.
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