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).
Think of economic growth like leveling up in a video game. As you progress, you gain more resources, abilities, and opportunities. Just as your character becomes stronger and more capable with each level, so does a country with economic growth.
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.
Who was responsible for proposing The American System to promote economic growth?
What economic policy marked the end of the Great Depression and led to significant economic growth in the United States post-1945?
What primarily sustained economic growth for most Americans during period eight?
Which principle continued to drive economic growth in America during the late 19th and early 20th centuries?
If child labor laws were implemented earlier during industrial capitalism's rise, how might this impact America's economic growth?
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