Which of the following is a benefit of economic growth?

Economic growth is characterized by an increase in the production of goods and services in an economy over time. One of the significant benefits of this growth is the improvement in living standards for individuals and families. Higher economic output typically leads to increased incomes, greater employment opportunities, and the availability of a broader range of goods and services. As the economy grows, the wealth generated can be distributed in a way that enhances the quality of life for many, allowing for better access to education, healthcare, and housing.

In contrast, increased inflation rates can often accompany economic growth but are not guaranteed to benefit individuals in the same way, as they can erode purchasing power. Lower productivity levels, which indicate inefficiency, do not align with the positive outcomes typically associated with economic growth. Additionally, while unemployment rates may fluctuate during different phases of economic cycles, a genuine economic growth scenario tends to create jobs rather than increase unemployment. Therefore, the correct assertion regarding the benefit of economic growth is that it leads to higher living standards over time, reflecting the positive impacts of a thriving economy on the population's well-being.