Economic Growth Assignment Answers
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Economy in any society is an extremely crucial factor. Why? This is because, almost every aspect of a society is dependent directly or indirectly on economy of the same. Any change in economy, even slightest ones have profound effect on each and every field concerned with it. For example, if there is inflation in your region for some reason, then no matter whether you are a doctor, a physicist or a financer, it will have deep effect on your life.
Hence, doubtlessly economic changes are very significant and worth a study. That is why economic changes and developments have been included in Economy syllabi and are important for exams and assignments too. That is why you have to study for writing Economic Growth assignment answers for those. But, if you are failing to do so and require a bit of assistance, then you are in luck as, we are here to help you.
Discussing this topic
Before we start solving homework, the first and foremost question is what is meant by ‘economic growth’? It simply refers to a situation when there is an increase in the capability of an economic body regarding production or services, with respect to some previous time.
It is usually computed from Gross National Product (GNP) and Gross Domestic Product (GDP). This should be remembered for the calculations to get Economic Growth homework answers.
In mathematical language, growth in economy means an average improvement in total productivity for a given amount of human resources. But, how is this increase caused or bright about? Here are some ways:
- Finding or development of a new productive resource
- Improving labor quality and efficiency
- Brushing up prevalent technologies
- Increasing specialization skills in human resources
A student must not forget to enclose all these causes while writing Economic Growth assignment answers to descriptive questions.
Apart from these, there are also some models that help in predication or analysis of this subject.
- Theory of classical growth
- Solo-Swan model
- Endogenous theory
- Unified growth theory
These are extremely useful in understanding trends mathematically and make useful inference from them.
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