Written by the Fiveable Content Team • Last updated September 2025
Verified for the 2026 exam
Verified for the 2026 exam•Written by the Fiveable Content Team • Last updated September 2025
Definition
Economic growth refers to an increase in a country's production of goods and services over time, resulting in a rise in the overall standard of living for its citizens.
GDP is a measure of all the goods and services produced within a country's borders during a specific period. It is often used as an indicator of economic growth.
HDI measures a country's overall development by considering factors such as life expectancy, education levels, and income per capita. It provides a broader view of well-being beyond just economic growth.
Sustainable Development: This term refers to development that meets present needs without compromising the ability of future generations to meet their own needs. It emphasizes long-term environmental sustainability alongside economic growth.