Increased output of products and services is referred to as economic growth.
Economic growth can be influenced by changes in capital goods, labor force, technology, and human capital.
Using estimates like the GDP, economic growth is frequently calculated as the rise in the total market value of newly created products and services.
Expansion, peak, contraction, and trough are the four stages of economic growth.
Tax reductions often have less of an impact on economic growth than an increase in government spending.
It seems improbable that economic progress would be sustained if the benefits flow only to a small few.
Growth is frequently represented in economics as a function of the labour force, technology, human capital, and physical capital. Increasing the amount or quality of the working-age population, the resources accessible to them, and the methods they can use to combine labour, capital, and raw materials will all result in higher economic output, to put it simply.