Economic Growth

Definition

Economic growth refers to an increase in an economy's production capacity over time. It is measured by the increase in real GDP (Gross Domestic Product) and often accompanied by improvements in living standards.

Related terms

Human Capital: Human capital refers to the knowledge, skills, and abilities possessed by individuals that contribute to economic productivity.

Investment: Investment involves spending money on capital goods like machinery or infrastructure with the expectation of generating future income or benefits.

Technological Advancement: Technological advancement refers to improvements in technology that lead to increased productivity and innovation.