Economic Growth is defined as the way that the real income of an economy increases over time. This generally signifies that the economy is wealthier and producing more, individuals are better off, and that living standards are higher. A more technical definition would go into the way that Economic G...

The GDP (Gross Domestic Product) can be defined as the sum of the money values of all goods and services produced in the domestic economy during a specified period of time, usually one year. Certainly most economists would agree that a GDP of 1.5% is too low for a country...

GDP per capita is often used as an indicator of welfare in an economy. While this approach has advantages, there are also many criticisms on GDP as an indicator of standard of living or welfare. The major advantages to using GDP per capita as an indicator of standard of living are that it is measure...