Know the Significance of Economic Growth with Economic Growth Assignment Help
Explanation or definition of Economic Growth
Inflation – accustomed market value is considered as the Economic growth. In other words, you can say that economic value indicates the increase of cost of a service or commodity in a period. Comparison to another Gross Domestic Product that is GDP or Gross National Product that is GNP per capita is usually used as the technique to measure a country’s economic growth.
Gross Domestic Product, Gross National Product, price rises and several other terms are related to this, and these are the essential things for which the Economic Growth assignment help is required.
Factors determining GDP growth
There are a lot of factors that that helps in identifying and setting the GDP growth. These factors are listed below –
- Productivity or output.
- An hour worked or intensity.
- Demographic changes.
The before mentioned are the main and major factors, rather than these some other factors have a high impact on the GDP growth of a country and these aspects are –
- Property rights, political institutions, and rules of law.
- Sector share and growth phases.
- New services and products.
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Theories and models
There are various mention able theories and models those can be defined or explain the concepts of financial development of a country. Though they all have the diverse point of view, yet they all are important and famous. The models are listed below –
- The big push.
- Solow – Swan model.
- Schumpeterian growth.
- Endogenous growth theory.
- Classical growth theory.
- Unified growth theory.
- Institutions and growth.
- Human capital and growth.
- Energy consumption and growth.
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Significance of it
There is great significance behind a country’s economic growth, and all these notable aspects are listed below –
- It can easily improve the style of living.
- It can decrease poverty level.
- It may help people in getting jobs as it improves the employment rates.
- Improvement in productivity is also noticed.
- It also helps in improving the literacy rate.
These positive aspects are deeply rooted in it. However, there are some limitations as well. The Economic Growth homework help is the foremost thing that you may require while discussing all these concern. They are nothing but the depressing factors of it.
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