Exponential growth is a type of growth that occurs when a quantity increases at a fixed percentage rate over a period of time. This means that the growth rate itself is also increasing, resulting in a rapid and continuous increase in the quantity.
Exponential growth differs from linear growth in that the former results in a rapidly increasing curve, while the latter results in a steady, gradual increase. In exponential growth, the growth rate is proportional to the current quantity, whereas in linear growth, the growth rate remains constant.
Some examples of exponential growth include population growth, compound interest in finance, and the spread of diseases. In these cases, the quantity increases at a fixed percentage rate, resulting in a rapid and continuous growth over time.
The main factors that contribute to exponential growth are a constant growth rate and a large starting quantity. Additionally, a lack of limiting factors, such as competition or resources, can also contribute to exponential growth in certain populations.
While exponential growth can continue for a period of time, it is not sustainable in the long run. Eventually, limiting factors will come into play and slow down the growth rate, resulting in a more steady rate of increase or even a decline in the quantity. This is known as the "exponential growth curve" where the growth rate reaches a maximum and then begins to level off.