How growth are improved living standards, Macroeconomics

How growth are improved living standards

The two main benefits of growth are improved living standards and technological advancement.

  • As an economy grows, the output of capital and consumer goods will enhance, which should in turn lead to an enhance in the level of employment as firms need more workers to maintain production. The higher level of employment combined with enhanced production should result in the average household being able to attain buy consumer goods, which will get better their standard of living.
  • Technological advancements will often happen as an economy grows because firms will seek to maximise profits by inventing latest products to develop new markets and meet consumer requirements. This dynamic growth will normally happen when an economy is growing because it will need firms to undertake investment, which is encouraged by higher business confidence.

 

Posted Date: 8/1/2013 1:39:29 AM | Location : United States







Related Discussions:- How growth are improved living standards, Assignment Help, Ask Question on How growth are improved living standards, Get Answer, Expert's Help, How growth are improved living standards Discussions

Write discussion on How growth are improved living standards
Your posts are moderated
Related Questions
Suppose the economy is currently in recession, and the exchange rate if fixed using the IS-LM model. a) Explain and illustrate the economy adjustment (in the medium run) b) E

factors that causes the shifts in balance of payments

trying to figure out how this works as I have two classes currently statistics/economics an

Unemployment classification Economists sometimes differentiate between different types of unemployment. There are many type of ways of classifying unemployment however the foll

Balance of T rade A country's present account reflects a money drain when exports exceed imports. The net distinction in-between the dollar value of a world imports an

The Stop decay company sells an electric toothbrush for $25. Its sales have averaged 8,000 units per month over the past year. Recently, its closest competitor, Decay fighter, redu

Mathematical Presentation: Consider the utility function U = U(x 1 , x 2 ). Differentiating totally, we get the following: dU = U 1 dx 1 + U 2 dx 2 = 0 (as along the indiffe


Need answers for the questions (Chapters 10, 11 & 12) Please see attached questions. Thanks!

conditions for steady state in solow model.in what respects is golden rule different from steady state?