Explain the concept of economic growth.

Explain the concept of economic growth.

Economic growth refers to the increase in the production and consumption of goods and services in 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 in a given year. Economic growth is an important indicator of the overall health and development of an economy, as it signifies an increase in the standard of living, job opportunities, and potential for investment and innovation. It is influenced by factors such as technological advancements, investment in physical and human capital, improvements in infrastructure, and favorable government policies.