The process by which productivity raises the average standard of living is referred to as: long-run economic growth.
Long-run economic growth is defined as the capacity of an economy to produce more commodities and services over a period of time.
Besides pricing as well as supply and demand, the Gross Domestic Product (GDP) of a country is closely related to population growth.
Economic growth is the increment in the market value of commodities and services of an economy over a period of time.
Short-run economic growth is just an increment in the GDP of a country, while long-run economic growth is linked with a rise in the country's productive ability.
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