Question

Define an expansion and economic growth and explain the difference between the two concepts

Answer 1

Answer:

Explanation:

Expansion is periods when output from an economy and employment are rising. Expansion gives room for growth an development and also economic upturns.

Economic growth is an increase in the amount of goods produced as well as services that an economy produce.

Economic growth is indicated by an increase beyond the maximum that an economy was producing before.

Expansion will occur when there is an increase in production potential for a long term, it terminates when the production reduces while economic growth sustains the economy ability to produce more goods and also services for a long term.