Economic growth

Gross Domestic Product(GDP)
The money value of all goods and services produced within the UK
Also known as GDP at current price
Real GDP
The volume of goods and services produced within the UK(GDP adjusted for changes in the price level)
Also known as GDP at constant prices
Economic Growth
The rate of increase of GDP
Economics growth is best defined as the long run expansion of an economics's productive potential
The growth rate is also expressed as the percentage annual increase in a country's real GDP
Long term economic growth requires
An expansion of the supply(stock) of factor inputs(e.g.a rise in the labour supply)
Improvements in production technology
Increased factor productivity