Economic growth is an increase in the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real terms.
Aggregate economic growth is measured in terms of gross national product or gross domestic product although alternative metrics are sometimes used.
Aggregate gains in production correlate with increased average marginal productivity which leads to an increase in incomes, inspiring consumers to open up their wallets and buy more, which means a higher material quality of life or standard of living.
In economics, growth is commonly modelled as a function of physical capital, human capital, labour force, and technology.

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