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.
Answer:
Racial segregation in the United States Armed Forces, which has included separation of white and non-white American troops, quotas, restriction of people of colour troops to support roles, and outright bans on blacks and other people of colour serving in the military, has been a part of the military history of the United States since the American Revolution. Each branch of the Armed Forces has historically had different policies regarding racial segregation. Although Executive Order 9981 officially ended segregation in the Armed Forces in 1948, following World War II, some forms of racial segregation continued until after the Korean War. The US government complied with an Icelandic government request not to station black soldiers on the US base in Keflavík, Iceland until the 1970s and 1980s when black soldiers began to be stationed in Iceland.
The European slave trade began with Portugal's exploration of the west coast of Africa in search of a sea trade route to the East. The East had new resources, like spices and silk, and the Portuguese were hoping to acquire these goods without the hard journey by land from Europe to Asia.
