Economic growth is the increase in the production of goods and services in an economy over a period of time. It is often measured as the percentage increase in real gross domestic product (GDP).
Gross Domestic Product (GDP): The total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.
Inflation: A general increase in prices and fall in the purchasing value of money, often occurring as economies grow rapidly.
Standard of Living: The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area
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