- "Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year."
An increase in the production of goods and services in an economy over time. Economic growth is influenced by factors such as technological advancements, changes in the labor force, and government policy.
Gross Domestic Product (GDP): A measure of the economic performance of a country, which reflects the total value of goods and services produced in a year.
Aggregate Demand: The total demand for goods and services in an economy, which is the sum of consumer, investment, government, and net export expenditures.
Aggregate Supply: The total amount of goods and services that firms are willing to produce at a given price level, which is influenced by production costs, technology, and market conditions.
Economic Growth: A sustained increase in real GDP over time, which is affected by factors such as population growth, productivity, technology, and infrastructure.
Capital Investment: The expenditure on physical assets like machinery, buildings, and equipment that can generate future economic benefits.
Human Capital: The knowledge, skills, and abilities of a workforce that can improve productivity and innovation in an economy.
Fiscal Policy: The use of government spending and taxation to influence economic activity and stabilize the business cycle.
Monetary Policy: The use of interest rates, money supply, and other monetary tools to regulate the economy's overall level of money supply and influence economic activity.
Inflation: A sustained increase in the overall price level of goods and services in an economy, which reduces purchasing power and affects the distribution of income and wealth.
Unemployment: The percentage of the workforce that is currently unemployed and seeking employment, which is a measure of underutilized human resources in an economy.
Economic indicators: A variety of statistics that provide information about the overall performance of the economy. GDP, inflation rates, and unemployment rates are all examples of economic indicators.
Economic systems: The organization of an economy, including the mechanisms for allocating resources and distributing goods and services. Capitalist, socialist, mixed, and command are all examples.
National income accounting: A system of measuring economic activity by calculating the total value of all economic transactions in a country over a period of time.
Economic development: A process of improving the quality of life, income distribution, and economic wellbeing of a population over time.
International trade: The exchange of goods and services between countries, which can influence economic growth through specialization, comparative advantage, and economies of scale.
Economic integration: The process of linking national economies together, usually through trade agreements, treaties, or other forms of cooperation.
Exchange rates: The value of one country's currency relative to that of another country's currency.
Financial markets: The markets where stocks, bonds, and other financial instruments are traded, which can influence the availability of credit and the allocation of financial resources in an economy.
Economic inequalities: Differences in income, wealth, job opportunities, and access to goods and services among different groups of people in an economy.
Environmental sustainability: The balance between economic growth and environmental protection, which is important for maintaining long-term economic growth and social wellbeing.
Steady State Growth: This is a type of economic growth where the economic system is at balance and continues to produce goods and services at a steady rate. It occurs when there is no significant change in the labor, capital, or technology used in production.
Explosive Growth: This type of economic growth is specifically characterized by an increase in the economy's output over a short period. It is most commonly seen in the tech sector during a technological boom.
Balanced Growth: This is a type of economic growth characterized by simultaneous growth in all sectors of the economy: agriculture, manufacturing, and services. In other words, all sectors grow equally.
Jobless Growth: This is a type of economic growth where a country's economy may be growing, but there is no corresponding growth in employment. It is associated with economic activities that rely heavily on capital investment and automation.
Uneven Growth: This is a type of economic growth that occurs when one sector of an economy is more dominant than others. As a result, it creates disparities that reduce the overall benefit of economic growth.
Inclusive Growth: This type of economic growth aims to benefit all segments of society: the rich, the middle class, and the poor. It aims to create equal opportunities for everyone.
Pro-poor Growth: This is a type of economic growth that specifically targets poverty alleviation. It is aimed at helping the poorer sections of the society.
Green Growth: This is a type of economic growth that emphasises on environmentally sustainable growth and development. The focus is on reducing carbon emissions, promoting energy efficiency, and reducing pollution.
Export-led Growth: This is a type of economic growth that depends on the expansion of exports.
Domestic Demand-led Growth: This is a type of economic growth that primarily depends on domestic consumption and investments within the country, rather than exports.
Human Capital-led Growth: This is a type of economic growth that emphasizes investment in education, skill development, and healthcare to increase productivity and promote economic growth.
Capital-led Growth: This is a type of economic growth where capital, investment, and finance are the driving forces of economic growth.
Knowledge-based Growth: This is a type of economic growth that focuses on innovation, research, and development to drive economic progress. It emphasizes the role of knowledge and technology in promoting economic growth.
Productivity-led Growth: This is a type of economic growth that depends on increasing productivity and efficiency in production processes. It involves eliminating waste and reducing costs in production to increase profitability.
Urban-led Growth: This is a type of economic growth that is focused on promoting urbanization by developing urban infrastructure and services to support the growth of cities.
- "Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP)."
- "Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced."
- "Measurement of economic growth uses national income accounting."
- "The economic growth-rates of countries are commonly compared using the ratio of the GDP to population (per-capita income)."
- "The 'rate of economic growth' refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time."
- "Economists refer to economic growth caused by more efficient use of inputs (increased productivity of labor, of physical capital, of energy or of materials) as intensive growth."
- "In contrast, GDP growth caused only by increases in the amount of inputs available for use (increased population, for example, or new territory) counts as extensive growth."
- "Development of new goods and services also generates economic growth."
- "In the U.S., about 60% of consumer spending in 2013 went on goods and services that did not exist in 1869."
- "Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced."
- "This growth rate represents the trend in the average level of GDP over the period, and ignores any fluctuations in the GDP around this trend."
- "GDP growth caused only by increases in the amount of inputs available for use (increased population, for example, or new territory) counts as extensive growth."
- "The economic growth-rates of countries are commonly compared using the ratio of the GDP to population (per-capita income)."
- "Economists refer to economic growth caused by more efficient use of inputs (increased productivity of labor, of physical capital, of energy or of materials) as intensive growth."
- "Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced."
- "Measurement of economic growth uses national income accounting."
- "The 'rate of economic growth' refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time."
- "GDP growth caused only by increases in the amount of inputs available for use (increased population, for example, or new territory) counts as extensive growth."
- "Development of new goods and services also generates economic growth."