Economic expansion refers to the increase in the production and consumption of goods and services in an economy over time, leading to growth in real GDP. This phenomenon typically signifies a period of prosperity where businesses thrive, employment rises, and consumer confidence boosts spending. During economic expansion, various factors such as increased investment, favorable government policies, and advancements in technology play a significant role in fostering a healthy economic environment.
congrats on reading the definition of economic expansion. now let's actually learn it.