Economic Growth


Economic Growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time.

Market value or OMV is the price at which an asset would trade in a competitive auction setting.

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It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP, usually in per capita terms.

Gross domestic product is a monetary measure of the market value of all final goods and services produced in a period.

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Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the price of goods produced.


Measurement of economic growth uses national income accounting.


Since economic growth is measured as the annual percent change of gross domestic product, it has all the advantages and drawbacks of that measure.


The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time.


Implicitly, this growth rate is the trend in the average level of GDP over the period, which implicitly ignores the fluctuations in the GDP around this trend.


An increase in economic growth caused by more efficient use of inputs is referred to as intensive growth.


GDP growth caused only by increases in the amount of inputs available for use is called extensive growth.

Extensive Growth, in economics, is based on the expansion of the quantity of inputs in order to increase the quantity of outputs, opposite to that of intensive growth.

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