Define absolute and relative growth rates.

Absolute growth rate and relative growth rate are two different ways to measure the change in a quantity over time, typically used in the context of population growth, economic growth, or any other scenario where change is being assessed. Here are their definitions:

Absolute Growth Rate:

The absolute growth rate measures the actual increase or decrease in a quantity over a specific period, expressed in absolute terms. It is calculated as the difference between the final value and the initial value of the quantity.
Formula: Absolute Growth Rate = Final Value - Initial Value
Example: If a country's population increased from 10 million to 12 million people over a decade, the absolute population growth rate is 12 million - 10 million = 2 million people.
Relative Growth Rate:

The relative growth rate, also known as the percentage growth rate, expresses the change in a quantity as a percentage of the initial value. It helps provide context by showing how much a quantity has changed relative to its starting point.
Formula: Relative Growth Rate = (Absolute Growth Rate / Initial Value) * 100%
Example: Using the population example above, the relative population growth rate is (2 million / 10 million) * 100% = 20%. This means the population increased by 20% over the decade.
In summary, absolute growth rate measures the actual change in a quantity, while relative growth rate expresses this change as a percentage of the initial value. Both measures are important for understanding trends and evaluating the magnitude of change in various contexts.