History, 31.08.2019 22:30 NetherisIsTheQueen

The economy of a country has been growing at an annual rate of 8%. determine the causes and effects of economic growth in this country.

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The economic growth rates gives information on how fast the economy is growing,and is calculated by comparing the economic output (measured as the Gross Domestic Product or GDP) of two subsequent periods.

The two main determinants of GDP/economic growth are:

Productivity increases caused by more efficient use of inputs (labor, capital) and implementation of innovation. Accumulation of physical capital

Effects of economic growth

Larger amount of goods and services are available in the country and ready for consumptionHigh employments levels, as workers are necessary to manufacture that large quantity of goods and services. As GDP has grown, so have done employment figures. More employment brings boosts on aggregate demand and generate further growth as business will keep on trying to serve the whole demand. As demand grows it is quite likely that prices do so too, therefore economic growth would increase the inflation rate (not necessarily a problem if such growth is not too large and remains stable). Productivity increases and implementation of innovations make national firms more efficient and competitive in the international markets.

Answer from: mistergutsy8622

Cause of economic growth: investment in physical capital, investment in human capital

Effect of economic growth: improvement in standard of living, social and community development.

Explanation:

Answer from: Quest

all of the following apply except for (a. excessive credit on real estate resulting in defaulted loans.

in 1819, panic swept the country due,in part, to the rapid expansion of american manufacturing during the war of 1812 and the distress caused by the post-war british competition. the rapid expansion of american farming was another factor.

explanation:

Answer from: Quest

i believe that the correct answer is a canadian hero.

explanation: he is celebrated as a national hero in canada for successfully thwarting a united states takeover of canada during the war of 1812.

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The economy of a country has been growing at an annual rate of 8%. determine the causes and effects...