4.5.1 Definition of economic growth
Topic 4.5.1 - Definition of economic growth Economic growth refers to the increase in the value of a country's real gross domestic product (GDP) over time. This can be illustrated by a trade cycle diagram. The level of economic activity is measured by gross domestic product (GDP) shown along the y-axis, with time shown along the x-axis. Gross domestic product (GDP) measures the total value of national output, per...