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.
<u>The two main determinants of GDP/economic growth are:</u>
- Productivity increases caused by more efficient use of inputs (labor, capital) and implementation of innovation.
- Accumulation of physical capital
<u>Effects of economic growth</u>
- Larger amount of goods and services are available in the country and ready for consumption
- High 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.
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Answer:
Hunting and gathering caused a more nomadic lifestyle, where they were always moving where their food was, and farming, otherwise known as the Agricultural Revolution, was made so we could advance civilization and our technology. These were made into villages and were later made into city-states like Ur and Uruk.
Explanation:
In the post–World War II time period, the
purpose of both the North Atlantic Treaty
Organization (NATO) and the Warsaw Pact was to establish a military alliance.
