Economics Supply And Demand Questions
Economic growth refers to an increase in the production and consumption of goods and services within an economy over a specific period of time. It is typically measured by the growth rate of the Gross Domestic Product (GDP), which is the total value of all final goods and services produced within a country's borders. Economic growth is driven by factors such as technological advancements, increased investment, population growth, and improved productivity. It is considered a positive indicator of a country's economic health and is often associated with higher standards of living, increased employment opportunities, and improved living conditions for the population.