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A key macro-economic objective of many governments around the world is positive economic growth; due to the perceived benefits/advantages that growth brings to the economy and people - Essay Example

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Examine this statement by firstly defining economic growth, explaining how it is measured, and by then focusing on the advantages that economic growth brings to a country, using appropriate real world examples to illustrate your work.
Economic growth can be defined as the rise…
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A key macro-economic objective of many governments around the world is positive economic growth; due to the perceived benefits/advantages that growth brings to the economy and people
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A key macro-economic objective of many governments around the world is positive economic growth; due to the perceived benefits/advantages that growth brings to the economy and people

Download file to see previous pages... ent past, the concept of continual growth has brought in more factors like environmentally sound production processes that ought to be considered in developing an economy.
Usually economic growth is calculated as the percentage of rise in gross domestic product (GDP). Economic growth of an economy is commonly measured in real terms in order to get rid of the changing effect of inflation on the cost of goods and services produced over time. Calculation of economic growth employs national income accounting (Clark, 2007).
Because economic growth is calculated as the yearly percentage of change of GDP, it comprises of merits and demerits of that measure. For instance, GDP just calculates the market economy, which seems to exaggerate growth during the change over from an agricultural economy with domestic production. A change was made for food produced and spent on farms; however no adjustment was made for other domestic production. In addition there is no allowance in GDP measurement for exhaustion of natural resources.
Rise in productivity have traditionally been the most significant cause of real per capita economic growth (PCEG). Rise in productivity decreases the price of goods and services, which is referred to as the shift in supply. Globally, over the recent years the real cost of goods and services fell by at least 90 percent (Alexander, 2011). Decreased cost of goods and services cause an increase in aggregated demand, however demand for specific goods and services is subject to declining marginal utility. In addition, economic growth has been connected to the accumulation of human and physical wealth, and rise productivity as a result of technological advancement.
For example in the America and other advanced countries, economic growth went through phases that influenced growth through transformation in the labor force involvement rate and the relative sizes of commercial sectors (Galor, 2005). The change from a farming economy to industrial ...Download file to see next pagesRead More
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