What is an increase in an economy's ability to produce goods and services?

An increase in an economy's ability to produce goods and services is referred to as economic growth. This growth can occur through various means, such as advancements in technology, improvements in workforce skills, or increases in capital investment. It typically results in higher output and productivity, leading to greater wealth and improved living standards for the population. Economic growth is often measured by the rise in Gross Domestic Product (GDP) over time.