Economic growth is the increase in the 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 real GDP. Of more importance is the growth of the ratio of GDP to population (GDP per capita), which is also called ''per capita income''. An increase in growth caused by more efficient use of inputs is referred to as ''intensive growth''.
More at: Economic growth
More at: economic growth