Section 2
Assessing Growth
Book
Version 3
By Boundless
By Boundless
Boundless Economics
Economics
by Boundless
4 concepts
![Thumbnail](../../../../../../figures.boundless-cdn.com/20907/raw/economic-cycle.jpg)
Calculating Economic Growth
Economic growth is the increase in the market value of goods and services produced by an economy over time; the percentage rate of increase in the GDP.
![Thumbnail](../../../../../../figures.boundless-cdn.com/20926/square/dp-versus-household-income.jpg)
Growth in the United States
The economy in the United States is the world's largest single national economy; 2013 GDP estimation was $16.6 trillion.
![Thumbnail](../../../../../../figures.boundless-cdn.com/20936/square/hare-of-world-gdp-2012-imf.jpg)
Growth in the Rest of the World
On a global scale, economic growth is the sum of the growth of individual countries to give a worldwide total.
![Thumbnail](../../../../../../figures.boundless-cdn.com/20946/square/gdp-accumulated-change.jpg)
Catch-Up: Possible, but not Certain
Developing countries can catch up to developed countries by achieving growing faster, which is determined by a wide number of country-specific factors.