Light

Economic Expansion

Definition

The growth of an economy characterized by increased production, consumption, investment, and trade. It typically leads to rising income levels and overall improvement in the standard of living.

Analogy

Picture economic expansion as a balloon being inflated. As it expands, more opportunities arise and people's wallets grow fatter!

Related terms

Consumerism: A social and economic ideology that encourages excessive buying and consumption of goods and services. It played a significant role in post-war economic expansion.

Baby Boom: A period of high birth rates after World War II when soldiers returned home and started families. This demographic boom fueled increased demand for goods and services.

Marshall Plan: An American initiative after World War II to provide financial aid to rebuild Western European economies. It aimed to stabilize countries devastated by war, leading to economic expansion in those regions.