The short-run variation of economic growth is termed the business cycle (economic cycle). The long-run path of economic growth is one of the central questions of economics; in spite of the problems of measurement, an increase in GDP of a country is generally taken as an increase in the standard of living of its inhabitants. Over long periods of time, even small rates of annual growth can have large effects through compounding.
(http://en.wikipedia.org/wiki/Economic_growth#Short-term_stabilization_and_long-term_growth)
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