Increasing the number of products and services an economy generates over time is a standard definition of economic growth. For instance, England saw consistent economic expansion beginning with the Industrial Revolution and lasting 250 years. The customers’ increased access to a wide variety of products and services, which improved their standard of life, was the cause of this growth in output. The rest of the globe was engulfed in economic success at the same time.
The specific economy in an illustration of economic expansion is not constrained to a state or country. It may also be used to define the economy of a demographic group, city, area, group of towns, group of countries, or the entire planet. Economic expansion should ideally result in higher living standards for everybody. Therefore, growing economic production is a stimulus for economic growth according to contemporary definitions.
Modern economic development theories, in particular, outline the circumstances under which a unit may consistently satisfy a growing population by producing more products and services per person. Economic expansion is not always a good thing, though. In terms of overall productivity or production volume per capita, it might be both beneficial and bad.
Because of this, some experts believe that economic expansion has little to do with raising living standards. Instead, they describe it as being able to support an expanding population while maintaining or even somewhat lowering living standards.