Definitions for economic growth

Economic growth

refers to a sustained increase in a country’s real GDP over time.

When a country produces more goods and services in one period than in a previous one. It is usually measured by changes in the real GDP.

Actual output

refers to the current level of real GDP in the country

Short-term economic growth

refers to a sustained increase in a country’s real GDP over time. results from the greater use of existing resources.

Long-term economic growth

results from an increase in potential output .

Occupational mobility

the ease at which workers can move between jobs

Geographical mobility

the ease at which workers can move between physical locations.

Nominal GDP

Expresses output in current prices. measures the annua rate of change of the monetary value of the GDP.

Real GDP

expressed at constant prices. Measures the annual rate of change of nominal GDP after considering the effects of inflation