Economic Growth

As the name suggests, economic growth is an increase in the production of economic goods and services, compared between one period of time and another.

Economic growth can be measured by physical capital (=actual goods), human capital (=a larger working population than before), labour productivity (=a better working-age population) or technology (=the tools the working population use to produce goods and services). Traditionally, it's measured in terms of gross national product (GNP) or gross domestic product (GDP), pitching(=analyzing) these metrics at different periods of time to see if there has been an increase in the numbers.