scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 1,468
Economic Growth is defined as the way that the real income of an economy increases over time This generally signifies that the economy is wealthier and producing more individuals are better off and that living standards are higher A more technical definition would go into the way that Economic Growth is measured usually in terms of the Gross Domestic Product GDP the sum total of the value of a countrys output over the course of a year However GDP figures can be misleading For example a growing economy may have rising output levels but also may have a growing birth rate that negates any positive effect on the standards of living Alternatively figures that show clear growth in terms of wealth may be ignoring the fact that inflation rates are rising also thereby negating the power of said growth Ellison 28 Normally real income as used when looking at Economic Growth takes the GDP figures and then takes out the effect of inflation rates thereby creating a reasonable set of statistics from which to draw conclusions Ellison 29 Economic Growth is clearly seen as a desirable objective for all economies It is obviously important for the US to keep growing at a similar rate as other rich economies globally in order to remain competitive in terms of trade Brown 69 When Economy grows level of employment increases An economy where demand is rising and businesses are growing is likely to have in it ample capacity to employ more and more people in its growing industry If growth leads to higher employment and higher wages then it follows that government tax revenues increase also This might allow the government to replenish some of the budget deficit Maizels 44 Living standards tend to improve in a growing economy Living standards are generally measured in real GDP per capita so if real GDP really is increasing positively against the birth rate it follows that at least on paper
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA