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Identify and explain the main causes of economic growth. b) Look at the country rankings of the UK, South Korea, Qatar and Equat - Coursework Example

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Main Causes Of Economic Growth Your Instructor Economic growth refers to an increase in state’s productivity and prolific capacity that is determined by the comparison of gross national product (GNP) in a particular year with the GNP in the previous or the preceding year (Friedman, 2005)…
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Identify and explain the main causes of economic growth. b) Look at the country rankings of the UK, South Korea, Qatar and Equat
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Extract of sample "Identify and explain the main causes of economic growth. b) Look at the country rankings of the UK, South Korea, Qatar and Equat"

Download file to see previous pages In the recent past years, the initiative of sustainable development intensification has led to development of additional factors such as environmentally sound process, which ought to be considered in the growth of an economy (Erikson & Stimson, 2002. p. 56). A factor that leads to an increase in total demand is one of the key causes of economic growth in any country. This can occur due various sources. However, an increase in total demand is a short-term cause. This is because whenever an economy of any country is at its full capacity, that country cannot produce any additional products or services to improve her economy. However, improvements or advancements in the labor forces, and quantity and quality of products and services will give room for the long-term economic growth through a heightening in productivity (Nordhaus, 2001, p. 23). Progression or advancement in technology has been one of indicators of economic growth in various states. Technological advancements in any country lead to a high and more productive economy of that given country, and this will accelerate economic growth. Every developing country and developed states have invested heavily in the technology industry in order to see their country economy grows quickly. According to Erikson and Stimson, advanced technology has improved service delivery and encouraged both local and foreign investments (Erikson & Stimson, 2002, P.56). There are few cases of unemployment in all countries with improved technology. This is because technological improvements have led to creation of job opportunities that see their citizens securing jobs and improving their living standards. Consequently, these local and foreign investments will accelerate economic growth despite the fact that the fresh capital goods or assets for example, machines, will be the exact source of the growth (Friedman, 2005). Deepening and widening capital is one of the causes of economic growth of a country. Capital widening takes place when investment rises and increases with the strengthening of the labor force. On the other hand, Capital Deepening takes place when capital increases while the labor force remains constant. Economists usually say that capital deepening is one of the most significant and necessary forms of investment (Nordhaus, 2001, p.23). Uses of land and mineral resources are the major causes of economic growth in both developed and developing countries. Proper utilization of mineral resources of a country depends heavily on government policies and regulations. Most of citizens in countries that have implemented strict policies have utilized their resources well, including land. Countries with double-digit economic growth have recorded proper utilization of their resources. In the economic growth globally, various countries have different situation and circumstances that are facilitating economic growth. For instance, the UK has a robust economy (Nordhaus, 2001, p.23). In the end, economic growth can take place due to increased capital, raised investment in new infrastructure, factories, increased labor productivity, and augment the working population or the discovery of fresh raw materials. Technological improvements can also facilitate or hinder economic growth (Friedman, 2005). Economic growth relies on investment and productivity, using available resources more efficiently and ...Download file to see next pages Read More
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