economic

Topics: Economics, Unemployment, Gross domestic product Pages: 4 (2001 words) Published: October 26, 2014

Student Name: Yvonne Teoh Ei HuiStudent ID: I14005697
Section: 5BA1
Assignment: Individual Assignment
Lecture:MR Seyed Mohamad  Mehdi TasalotiProgram:BBUS Bachelor Of Bussiness (HONS) Title: Economics Growth
CONTENTS PAGE
1.0 DEFINITION OF ECONOMIC GROWTH 3
2.0 BENEFITS OF ECONOMIC GROWTH 4,5
3.0 COSTS OF ECONOMIC GROWTH 6,7
4.0 CAUSES OF ECONOMIC GROWTH 8
4.1 DEMAND SIDE CAUSES 8,9
5.0 Why Economic Growth may not bring increased Happiness 9,10, 11,12
6.0 Poverty, Income Inequality and Economic Growth   13
6.1Does Economic Growth Reduce Relative Poverty and Income 14 6.2Why Economic Growth May not Reduce Income Inequality and Poverty 14,15 7.0 GROWTH AND RECIPES 15,16
8.0 CONCLUSION 16,17
1.0DEFINITION OF ECONOMIC GROWTHIncrease in a country's productive capacity, as measured by comparing gross national product (GNP ) in a year with the GNP in the previous year. Increase in the capital stock, advances in technology, and improvement in the quality and level of literacy are considered to be the principal causes of economic growth. In recent years, the idea of sustainable development has brought in additional factors such as environmentally sound processes that must be taken into account in growing an economy. Annual rate at which a country`s or an industry`s income increases. When this rate is adjusted for the effects of inflation, it is termed real economic growth. Two consecutive quarters of falling growth rates mean a recession, and a similar period of rising growth rate indicates an expanding economy. 2.0Benefits of Economic Growth

Economic growth means an increase in real GDP. This increase in real GDP means there is an increase in the value of national output / national expenditure. The benefits of economic growth include:

Higher Incomes. This enables consumers to enjoy more goods and services and enjoy better standards of living. Lower unemployment. With higher output firms tend to employ more workers creating more...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • economic environment Essay
  • Essay about Economics Midterm
  • Economics and Free Market Economy Essay
  • Essay about ECONOMICS INCREASE IN EXPORTS
  • Xeco212 – Principles of Economics
  • Economics: Financial Crises Essay
  • Economic growth Essay
  • Economics Essay

Become a StudyMode Member

Sign Up - It's Free