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Economic Growth Assignment
Economic Growth Paper
An economy is a system of inter-related components, such as consumption, human labor, and exchange. It forms naturally from the aggregated actions of human beings, much like the formation of language in a community. People trade with one another to enhance their living standards. The living standards are influenced by the productivity of labor, while productivity is governed by the working capital, technology, and specialization. Consequentially, the only way an economy can sustainably grow is through increased productivity. In an effort to examine global economic growth and the indicators of the growth, Strezov, Evans & Evans (2017) and Schandi et al. (2017) examine the realm of sustainable development and provide a forty year analysis of the global economy respectively. Their findings allow readers to vividly respond to the question: Why do economies grow?
Economic growth is the outward shift in a country’s Production Possibility Curve (PPC). The growth is measured by the increase in the real Gross Domestic Product (GDP), Gross National Product (GNP), or the country’s total output (Schandi et al., 2017). The economic growth does not occur in isolation, rather it is affected by the events that occur in a region. For example, if the United States decides to ban the outsourcing of production capabilities from foreign countries, the economies of nations such as India and China will be affected because they largely depend on the outsourcing sector for growth and development (The World Bank, 2018). Economic growth is the best indicator of a healthy economy or a financial system that has a positive impact on the level of employment, standards of living, and national income.
Schandi et al. (2017) argue that the international community has witnessed significant economic growth over the past few decades because of its increased resource productivity and material flows..........GET A PLAGIARISM FREE COPY