Define net reproduction rate (NRR). What does it mean if NRR is (1) greater than one, and (2) less than one? Why is the net reproduction rate of interest to the economist?

The Net Reproduction Rate (NRR) is a demographic measure representing the average number of daughters a woman would have during her reproductive lifetime, considering age-specific fertility rates and the probability of female survival until reproductive age. An NRR greater than one indicates population growth, as each woman is giving birth to more than one daughter, whereas an NRR less than one signifies population decline, as not enough daughters are being born to replace the current female population. Economists are interested in NRR because it influences various aspects of the economy, such as labor supply, demand for goods and services, public expenditure, and overall economic growth. By understanding NRR, economists can make predictions about future economic trends and devise policies for sustainable growth.