This website uses cookies to ensure you have the best experience. Learn more

Benefits And Costs Of Economic Growth Economics Class Essay

862 words - 4 pages

Benefits and Costs of Economic Growth Justin Yan
"Explain the benefits and costs of economic growth"
Economic growth is the increase in ability of an economy to produce goods and services to fulfil the needs and wants of the consumers, essentially it is the long-run increase in a country’s productive capacity. Economic growth can also be defined as an increase in the real value of goods and services produced in the economy which is measured by the percentage change of the annual real GDP.
There are several benefits and costs of economic growth. Firstly, economic growth will result in lower unemployment. This is as an increase in economic growth means there’s an increase in the value of national output / national expenditure. With higher output, firms will employ more workers in order to keep up with production and meet the increase in output. Because of an increase in employment, standards of living in the economy will also increase. This is as GDP per capita will increase, therefore each households disposable income of workers will rise thus allowing them to purchase more goods and services which will lead to better living standards. Along with this, poverty will be reduced and other effects such as lower crime rates and higher life expectancy will be seen. Furthermore, economic growth will lead to improved public services. This is as higher spending will lead to higher tax revenue from consumers which the government can in turn be used in things like education, healthcare, infrastructure etc. In the short run, this can create more employment as people will be employed to build said infrastructure. Unemployment rates will further decrease and thus living standards will increase more. In the long run more economic growth can be achieved as improvements in educational standards can give the population a greater diversity of skills and literacy, which can allow them to employ more efficient methods of production when working, thus increasing their productivity and increasing revenue. Infrastructure can also increase economic growth, for example building an extra airport runway will allow for more employment and also boost the economy. Improvements in healthcare will also further increase life expectancy and improve standards of living as more people will be treated of diseases. In addition, the workforce will be more productive as people will contract diseases and if they do they will be treated faster, thus productivity will be maintained at a high level. Lastly, greater tax revenue will lead to lower government borrowing, as there is less of a need to spend money on unemployment benefits; the money can...

Other Essays On Benefits and Costs of Economic Growth - Economics class - Essay

Vitamin c benefits research paper - Class - Essay

895 words - 4 pages Ahmad 1 Vitamin C Do you think vitamin c is essential in the body's defenses against diseases? The World we live in a state of constant fear of diseases. Plants and some animals make their own Vitamin C, but humans do not. For this reason, humans need to seek Vitamin C from other sources. Vitamin C also helps with the growth and repair of tissues in all parts of your body. It helps the body makes an important protein used to make skin, cartilage

Explain The Distinction Between Transaction Costs And Other Costs That Occur In Economic Systems

2839 words - 12 pages firms.Reference:Perman,R and Scouller, J. 1999 Business Economics, Oxford University PressArrow,K.J. 1983 The organization of Economic Activity: Issues Pertinent to the choice of Market of Versus Non market AllocationFurubon, Eirik G and Rudolf Richer 1997 Institutions and economy theoryMasten, S.E.1982 Transaction Costs, Institutional choice and the organization of ProductionGhertman,M. 1998 Measuring Macro-Economic Transaction Costs: A

case study about airbnb and its success in foreign market - managerial economics class - essay

935 words - 4 pages Can Airbnb Make It in China? In July of last year, Uber, the ridesharing company decided to abandon its attempts to crack the Chinese market, merging its Chinese branch with a competitor.[footnoteRef:1] Other internet giants have not fared much better: The Chinese government has blocked access to Facebook, Google and Twitter. But Airbnb, the home-rental giant, is determined to have a go at this market. On March 15th, Airbnb announced that it

Scientific Progress and it's costs - English - Essay

1634 words - 7 pages Scientific Progress and its Costs Scientific progress is undoubtedly positive, it is the driving force behind human kinds expansion. It created many of the things that have allowed humans to become the most powerful animal on earth. However as scientific progress, eventually other things need to be eased back to allow for progression to continue. In the novel Oryx and Crake By Margaret Atwood, a society is depicted where scientific progress has

The Economics of Adam Smith, Keynes, and - Economic Thought - Research paper

4165 words - 17 pages order in the supply side. Every tax has the attribute of altering relative prices or costs. This can be obviously seen through excise taxes. Every tax is an excise effect but because of the raise in price for gas as an example is seen by everyone, but the price for the motorist goes up for everything. Hanhan !2 No essay on Supply side economics would be complete without the fundamental teachings of Adam Smith. Smith, building on some of the writings

Economic Brief: Pharmacies and Drug Stores - Principals of Economics - Research paper

816 words - 4 pages Economic Brief Title By Your Name ECO100 Professor’s Name Date Economic Brief Title Generous variety has been seen in the utilization of professionally prescribed medications from retail drug stores, the level of administrations given by retail drug stores, and the costs paid for solutions from retail drug stores. It isn't evident whether neighborhood drug store market structures influence these drug store results. The objective of this paper is

Year 11 Economic Analysis Of China And Australia, Including Economic Growth, Employment And Unemployment, Quality Of Life And Role Of Government

2267 words - 10 pages Economic Growth.China.China is classed by the World Bank as a lower middle-income country. China's real GDP grew at a rate of 9.1% in 2003, up from 8.0% in 2002, meaning that even economic growth is increasing rapidly in China. China's GDP growth rate is even faster than the US, and has enjoyed some double-digit growth rate since it has opened to economic reform.This rapid growth had brought opportunities and challenges - both for China and for

Identity and Immigration of Mother Tongue - Internatinoal Writing Class - Essay

1621 words - 7 pages Haiden Hwang Professor DasBender International Writing 10/29/2018 Identity of Mother Tongue: Compulsory Linguistic Immigration by Post-colonialism “Decolonizing the Mind” was written by Ngũgĩ wa Thiong'o to illustrate the theme of imperialism, which led linguistic decolonization. He starts off his essay by presenting his anecdote, remembering the time he used Gĩkũyũ as a child. And he explains the time he realized the beauty of his native

Foundation of Economics Essay Question - leicester - essay

1801 words - 8 pages provided as toll roads in many countries such as Italy (Autostrade) and France (Autoroutes). Toll roads are frequently said to be a typical example of club goods. Explain the advantages and disadvantages of toll roads compared to toll-free roads by focussing on the nature of club goods and/or public goods. In doing so, you should include the following issues • Congestion • Investment • Social benefits and costs A toll road is a road where a toll

Bugs life economics questions and answers - renni/ economics - essay

1434 words - 6 pages Grasshoppers take in factors and return nothing in a traditional economy? In a command economy? In a market economy? 6. When the Grasshoppers demanded more food, the Ants increased their output of food. Is this an artificial example of the laws of supply and demand? 7. At the end of the movie, have the Ants begun to specialize? What economic benefits would they reap from specialization? 8. Who makes production decisions for the Ants at the start of the

The Merchant of Venice Essay Compare and Contrast - English class - Essay

1147 words - 5 pages better quality of life. Different personalities and surprising conflicts attracted the audience/readers globally. These are mostly likely the primary reasons why Shakespeare is still famous. This essay will analyze some key events that occurred in the play as well as to clarify thoughts and character development. Religious unfairness is of the central importance in the merchant of Venice as they were the strong foundation stated, which the primary

Similar Papers

Ib Hl Economics Ia2 Macroeconomics Us Economic Growth Hits Fastest Rate Since 2014 Acs Independent Ib Internal Assessment

763 words - 4 pages Economics IA2 - Economic Growth - US economic growth hits fastest rate since 2014 Economic growth is an increase in real gross domestic product (GDP) or the real quantity of goods and services produced over a period of time, usually a year. There are two types of economic growth: actual and potential growth. The United States of America’s (USA) economy grew at its fastest pace in four years in the second quarter of 2018, expanding at an

Explain The Types Of Economic Systems And What They Do Economics Essay

998 words - 4 pages advantages there is way more disadvantages like, for example, it is said that it is dependent on Mother Nature , it can be detrimental for the environment, it is not subject to change, it can get overpowered by larger economies, and it doesn’t promote a healthy way of life. As stated before, there is no such thing as a perfect economic system. Every system has their advantages and their disadvantages. People must look at the benefits and setbacks and make a comparison . It is also wise to consider regulation in some aspects of the market. Freedom with some limitations might be the ideal economic system. This way there might be a balance in the market.

"Occupational Safety And Hazards: Costs And Benefits"

5217 words - 21 pages area of economics. Its efforts are in accordance with the Islamic laws, and as such the bank is all set to scale new heights with a sustainable economic viability.***Appendix 1Maybank Embarks on Pioneer Occupational Safety & Health Mentorship Programme with SMEFrom left: Hassan Alias(DOSH), Jaafar Ali, Managing Director of Usaha Sama Security Sdn Bhd, Nora Manaf, Head Group Human Capital of Maybank and Zaharim Osman, WP KL/Putrajaya DOSH

Youth Unemployment And Economic Growth Algeria Northumbria, Business Essay

906 words - 4 pages Topic: Youth unemployment and economic growth Country: Algeria Committee: ILO Conference Algeria, a country with huge mineral wealth that lies in the North of Africa (neighbouring states: Morocco - West, Tunisia and Libya - East, Nigeria and Mali - South, North Sea - North) has a large GDP of 170.37 billion USD (trandingeconomics, 2018). In this case, the large GDP of Algeria is due to the abundant mineral wealth like fuel. This country ranks