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 goods and services produced within a country's borders.

Economic growth is essential for improving living standards and reducing poverty. It allows for higher incomes, increased employment opportunities, and improved access to goods and services. It also provides governments with more resources to invest in public infrastructure, education, healthcare, and social welfare programs.

There are several factors that contribute to economic growth, including technological advancements, investment in physical and human capital, innovation, efficient resource allocation, and favorable government policies. These factors can stimulate productivity, increase competitiveness, and drive economic expansion.

However, economic growth can also have negative consequences if not managed properly. It can lead to environmental degradation, income inequality, and social unrest. Therefore, it is important for governments to pursue sustainable and inclusive growth strategies that consider the well-being of all citizens and the long-term health of the economy.