ECONOMIC GROWTH: The long-run expansion of the economy's ability to produce output. This is one of five economic goals, specifically one of the three macro goals (stability and full employment are the other two). Economic growth is made possible by increasing the quantity or quality of the economy's resources (labor, capital, land, and entrepreneurship). See also | macro goals | stability | full employment | production | resources | labor | capital | land | entrepreneurship | investment | education | technology | real gross domestic product | production possibilities | aggregate market | long run | economic development |
