economic growth

Topics: Economic growth, Economics, Quality of life Pages: 1 (379 words) Published: October 10, 2013
Economic Growth

Economic growth is by far the most important economic goal. This is for many reasons. First, a nations economy must grow with its population so it can provide jobs for the new people joining the workforce. There will always be people looking for jobs in an economy. As a population grows, so does its population of people looking to join the workforce. A nations economy must grow with the population so it can provide these goals. Next, when people are wanting to have more income, then a nations economy must grow. When people are going to have more income, the nation’s standard of living improves. This is a big factor in why economic growth is the most important economic goal. Also, innovation plays a huge role in economic growth. This is the process of bringing new methods, products, or ideas into use. Innovation will always spark economic growth. This is because these new goods or services can lead to an overall rise in standards of living. Everyone wants a better standard of living; and therefore innovation is key to having economic growth in an economy. Economic growth is defined as an increase in the amount of goods and services produced by an economy over time. This is most commonly measured as the change in the GDP, or gross domestic product. Economic growth is the most important economic goal because this is the only goal that can help are economy get better quickly. In the U.S. economy, the GDP is growing at a sluggish rate rite now. This means there is not much economic growth in the country. In order to make this economic growth, there needs to be more innovation. This is because when there is new innovation, most of the time, a nations economy will grow. Also, in order for there to be more economic growth in the U.S., more jobs must become available. The population is growing, so should the nations economy. This can only happen if jobs are provided to people joining the workforce. These two changes in the U.S. economy can promote...
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