Economic growth is the increase in value of the goods and services produced
by an economy. It is conventionally measured as the percent rate of increase
in real gross domestic product, or GDP. Growth is usually calculated in real
terms, i.e. inflation-adjusted terms, in order to net out the effect of
inflation on the price of the goods and services produced. In economics,
"economic growth" or "economic growth theory" typically refers to growth of
potential output, i.e., production at "full employment," which is caused by
growth in aggregate demand or observed output.
As economic growth is measured as the annual percent change of gross
domestic product, it has all the advantages and drawbacks of that measure.
From: Wikipedia
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