Wednesday, 16 May 2012 Growing economies provide the means for
people to enjoy higher living standards and for more of us to
find work. However what is economic growth and the best way for
a country to accomplish it? Defining Economic Growth Economic
growth is best defined as a long-term expansion of the
productive potential of the economy. Sustained economic growth
is supposed to lead higher real living standards and rising
employment. Short term growth is measured by the annual % change
in real GDP. Growth and the Production Possibility Frontier An
increase in long run aggregate supply is illustrated by an
outward shift in the PPF. Posted on Wednesday, 16th of May,
2012.