Economic growth is an important part of economics that discuss about growth in national expenditure and national output. Economic growth means the proper increase in GDP. Students need to know about different factors and thus, when they get homework related to Economic growth, then they have to complete is in a proper way.
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How to measure the exact value of economic growth?
It is important to understand that how to determine the value of economic growth. GDP or gross domestic product expenditure per person when increases the production of goods and services also increases. So, if the GDP value of one year gets compared with the GDP value of its previous year, then determination of growth can easily be done.
GDP or gross domestic product can be replaced here with GNP as GNP refers as Gross national product. The exact value of GDP within a few years indicates the annual increase or decrease in inflation value.
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Why is economic growth considered as the part of macroeconomics?
Undoubtedly, economic growth is a part of macroeconomics and not as a part of microeconomics. This is an exact economic object that indicates about the enhanced living standard and increment of employment to fulfill their need. It means this one is also perfect in creating new job.
What are the reasons for economic growth?
There are following reasons for economic growth –
- Increase in the value of aggregate demand
- Increase in the value of aggregate supply
- Advances in technology
- Development in quality and way of literacy
- Stock increment for capital
- Increased wages
- Rising house prices
- Increased government spending
- Lower interest rate
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Reasons for long-term economic growth
- Increased in labor productivity
- Increased capital
- Increased in working population as higher birth rate
What are the important definitions you must know?
Along with GDP, you must know about a lot of fundamental terms to understand Economic growth in a proper way. These are –
- Balanced growth – A sustainable growth is known as a balanced growth.
- Growth for long run trend rate – It indicates the sustainable growth for average rate over a particular period.
- Trade cycle – The growth of economic rate cycle.
What are the different policies to increase the economic growth rate?
The following policies are there to increase economic growth-
- Supply side policies –
To get higher economic rate the government takes some steps to enhance efficiency and productivity in the economic field.
- Fiscal Policies –
Higher government cutting taxes and spending to increase aggregate demand.
- Monetary policies –
To increase aggregate demand, sometimes the government reduces increasing rate.
These three points are important and show that how government takes some interesting steps to enhance the economic growth.
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What are the various benefits of Economic growth?
The benefits of economic growth are as follows –
- Increased value of tax revenue for government
- Higher rate of incomes
- Employment rate increases
- Government borrowing will be lower
- Investment gets increased
- Public services gets improved
Government wants to have economic growth to get a perfect economic support, and this helps in fund value. The exact and supportive fund value can give the most accurate solution for necessary expenditure on public. Moreover, when the consumption of goods and services increases on each person, then unemployment rate decreases.
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What do you mean by the costs of economic growth?
The cost of economic growth depends on the way and type of growth in the economic sectors. There are some factors which are known as the potential costs related to the economic growth, and these are as follows –
- Economic cycle with its boom and bust
- Current account deficit
- Environmental costs
All the above costs take place when the there is unbalanced growth or unsustainable economic growth. In case of sustainable and balanced economic growth, you can easily notice that economic growth occurs without any inflation. Technology has an important role in case of economics costs, and this can easily be reduced only with the proper use of technology.
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What are the different theories and models related to Economic growth?
These are –
- Classical Growth Theory
- Solow-Swan Model
- Endogenous Growth Theory
- Unified growth theory
- Institution and growth
- The big Push
- Human Capital and Growth
- Energy consumption and growth
- Schumpeterian growth
Different theories are important to understand the economic growth in a different way. Each theory is based on its suitable requirement of economic condition. You will understand each theory at the higher level of study.
Now, students can easily understand that how economic growth is an essential part of study. If you think that you have assignments and you need to complete, and then write the things properly. If you have any difficulties, then you must take assistance of your expert. In these days a lot of students take assistance of expert through online. So, Economic growth homework help through online can give you a proper support.
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