eli5 How do economies grow? Who grows them?

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eli5 How do economies grow? Who grows them?

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Anonymous 0 Comments

An economy is, simplified, just the sum of all the goods made and services provided in a country/area/world.
If more things are made (or those things are more valuable) and/or more (or more valuable) services are provided then the economy gets bigger.

You can grow an economy buy making the population bigger, more people can do more things.
Or you can increase the economic output per person, through better efficiency, better technology, or making them work longer.

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