In this article, we will discuss Economic Growth (Definition). So, let’s get started.
Economic growth is an increase in the production of economic goods and services compared from one period of time to another.
Traditionally, aggregate economic growth is measured in terms of glass national product GNP or gross domestic product GDP all the alternative metrics are sometimes used.
Economic growth is an increase in production of goods and services in an economy. Increase in capital goods, labour force, technology, and human capital can all contribute to economic growth. Economic growth is commonly measured in terms of the increase in aggregate market value of additional goods and services produced. Using estimates such as GDP. In simplest terms economic lottery first when increase in aggregate productions in an economy. Often, but not necessarily aggregate games in production correlate with increased average marginal productivity that leads to an increase in incomes, inspiring consumers to open up their wallets and buy more which means a higher material quality of life or standard of living.
In economic growth is commonly modelled as a equation of physical capital, human capital, labour force, and technology simply put increase the quantity or quality of the working age population, the tools that they have to work with and the recipes that they have available to combine labour, capital, and raw materials will lead to increased economic output.