, which can be approximated by the growth of gross domestic product, ultimately determines the prevailing standard of living in a country.

Economic growth

Explanation: Economic growth is the measure of a nation's market rise over a certain period of time. The growth of an economy can be measured by comparing the difference in the production of goods produced and services rendered by a nation over a certain period of time. Increase in the production of goods and services, human capital, improved technology, new discovery of natural resources and so on will lead to higher financial benefit or gain accrued by a nation estimated in terms of Gross Domestic Product (GDP).