• Continuous increase in real gross national production is called economic growth.
• It shows long term expansion of production potential.
• It illustrates quantitative changes in the production of goods and services in the economy.
• Economic growth is measurable.

Advantages of Economic growth 

• Eleminates poverty when achiveing high levels of living standards
• Increase in income
• Businesses or Entrepreneures can earn higher profits
• Increase in rate of employment
• Increase in creditability in business
• Decrease in budget deficit

 Costs of economic growth 

• Risk of inflation
• Negative effects of increase in production and consumption on the environment
• Inequalities in distribution of income and wealth
• Regional disparities
• Harmful to sustainable development
• Enviornmental degradation
• Increase in global warming
• Loss of international co-operation for the development of human welfare since the country is catogerised as a  high income country