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Economic Growth and Inflation

Economic Growth and Inflation

Current awareness session is a platform where topics that are important and complicated are taken to children in a very simple way. This gives them an overall exposure. The session on “Economic growth and inflation” was initiated with a brain storming session. Children were asked to list down any 10 goods produced in India and its total value. Children were enlightened on the specific terms such as economic growth, GDP-Gross Domestic Product and how GDP is being calculated, the term Inflation, factors that affect economic growth and causes of Inflation. Children were made clear that, for comparing one country's economic growth to another, Gross Domestic Product should be used as these take into account population differences between countries. Children understood that, a sustained rise in prices is known as inflation. Children were screened videos on the calculation of GDP. To make them more informative, real life examples were shared. One such example was the large growth in the U.S. economy during the introduction of the Internet and the technology. The other was the Industrial revolution that created one of the greatest economic growth periods in history.The session was winded up by stating that, the growth of an economy is not only an increase in productive capacity but also as an improvement in the quality of life of the people.