Economic growth
Economic Growth
Economic growth (/ɪˈkɒnəmɪk ɡroʊθ/) is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or GDP.
Etymology
The term "economic growth" is derived from the Greek word "oikonomikos," which means skilled in household management, and the English word "growth," which means the process of increasing in size.
Definition
Economic growth is an increase in the production of goods and services in an economy. Increases in capital goods, labor force, technology, and human capital can all contribute to economic growth.
Related Terms
- Gross Domestic Product (GDP): The total value of goods produced and services provided in a country during one year.
- Inflation: The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.
- Capital goods: Goods that are used in producing other goods, rather than being bought by consumers.
- Labor force: The total number of people employed or seeking employment in a country or region.
- Technology: The application of scientific knowledge for practical purposes, especially in industry.
- Human capital: The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.
See Also
External links
- Medical encyclopedia article on Economic growth
- Wikipedia's article - Economic growth
This WikiMD dictionary article is a stub. You can help make it a full article.
Languages: - East Asian
中文,
日本,
한국어,
South Asian
हिन्दी,
Urdu,
বাংলা,
తెలుగు,
தமிழ்,
ಕನ್ನಡ,
Southeast Asian
Indonesian,
Vietnamese,
Thai,
မြန်မာဘာသာ,
European
español,
Deutsch,
français,
русский,
português do Brasil,
Italian,
polski