Economic Growth
Definition
Economic growth is the increase in the production of goods and services over a specific period. It's usually measured as the percentage increase in real gross domestic product (GDP).
Analogy
Think of economic growth like leveling up in a video game. As you progress, you gain more resources, abilities, and opportunities - just like an economy does when it grows.
Related terms
Gross Domestic Product (GDP): The total value of all goods and services produced by a country in a given period.
Inflation: The rate at which the general level of prices for goods and services is rising, eroding purchasing power.
Supply and Demand: An economic model that determines price levels based on a product's supply availability and consumer demand.
"Economic Growth" appears in:
Subjects (8)
Study guides (4)
Practice Questions (9)
Which stage of the Demographic Transition Model might a rural agrarian society adopt to boost economic growth and development?
How can nations best manage borders to ensure both security and economic growth?
Which term defines an area where resources bring about the economic growth of a particular locale?
How does the introduction of high-speed rail in China and France reflect infrastructure's role in economic growth?
How does female literacy rate relate to the overall economic growth of a country?
Which country pioneered the use of microfinance to empower women and stimulate economic growth?
In the context of increasing technological innovation, which strategy is most effective in fostering economic growth within peripheral countries?
Which scenario best illustrates a trade-off between economic growth and ecological sustainability?
Which pair of examples illustrates the balance between economic growth and sustainability?
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