✅Economic growth is the increase in a country's ability to produce goods and services.
💰Gross Domestic Product (GDP) measures the monetary value of final goods and services produced within a country.
📈Real GDP adjusts GDP for inflation and reflects the same purchasing power over time.
🌍Economic growth is a long-term trend, reflecting a nation's GDP rising over time.
⬆️The growth rate of real GDP is the rate of increase from one year to the next.
What is economic growth?
—Economic growth refers to the increase in a country's ability to produce goods and services over time.
How is economic growth measured?
—Economic growth is measured by gross domestic product (GDP), which represents the monetary value of final goods and services produced within a country.
What is the difference between GDP and real GDP?
—Gross domestic product (GDP) measures the value of goods and services produced in current dollars, while real GDP adjusts for inflation and reflects the same purchasing power over time.
What does a positive growth rate indicate?
—A positive growth rate indicates an increase in a country's real GDP, reflecting economic expansion and development.
What factors can affect economic growth?
—Factors that can affect economic growth include investments, worker productivity, external economic conditions, government policies, and technological advancements.
00:00Economic growth increases a country's ability to produce goods and services.
00:22Real GDP adjusts GDP for inflation and reflects the same purchasing power over time.
01:08The growth rate of real GDP measures the rate of increase from one year to the next.
01:41The US has averaged a 3% growth rate per year since 1930.
02:25Different countries experience varying growth rates depending on economic strategies and external factors.
