Economic Growth

Definition

Economic growth is the increase in a country's production of goods and services over time. It's often measured by the rate of change in real Gross Domestic Product (GDP).

Related terms

Real GDP: This is the total value of all goods and services produced by an economy during a specific period, adjusted for inflation.

Productivity: This refers to how efficiently inputs are converted into outputs in an economy. Higher productivity can lead to increased economic growth.

Capital Accumulation: This is the process of acquiring more assets that can be used in the production process to generate income or stimulate further economic growth.