Economic Growth Economic Growth Economic growth refers to an increase in the total output of an economy. Defined by some economists as the increase of real GDP per capita. The production possibility curve and the AD/AS graph show the combinations of output that can be produced if all society?s scarce resources are fully and efficiently employed. The more efficiently they are used the more growth an economy experiences. Economic Growth Human Capital Human capital is the economic value that an employee provides to an employer. The greater the human capital, the better the opportunity for economic growth. Labor Productivity Labor Productivity is the real output per hour of work.