Economics

Economic Growth

The increase in production of goods or services in an economy over a period of time. Commonly measured by GDP (Gross Domestic Product)

GPD (Gross Domestic Product)

The total monetary value of all financial goods and services produced within a countries boarders over a specific period. Usually a year.

Economic Development

The process of improving a communities financial well being and quality of life.

Living Conditions

The level of wealth, comfort and necessities available to a population.

Industrialisation

The process by which an economy transforms from a predominantly agricultural and manual-labour based to one driven by mechanised manufacturing, machine-based production

Technological Change

The process of improving production efficiency to generate more output from the same inputs, or to produce higher quality goods

Investment

Creating or upgrading physical capital. It is the expenditure by businesses on equipment, infrastructure, or construction meant to increase productivity