Www.biography.com/people/ivan-the-terrible-9350679#early-life
This link may help you.
I believe consumer that needs limited resources affected the opportunity costs, because they only needs limited resources but they want a finished product in a specific deadline that they asked.
Lesser number of people needed means lesser opportunity.
They were made up of the colonies. New England colonies were very conservative, not religiously tolerant, and a similar minded community. They banished a few people who threatened their community like Anne Hutchinson. The Chesapeake colonies were the most diverse and accepting because they were in between the Southern colonies and New England colonies. The Southern colonies were primarily made up of the slave population, which of course brought out the racist thoughts in the Caucasian people of the South.
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.
Q: what does gross domestic product measure?
A: GDP is a monetary measure of the market values of all the final goods and services produced in a period of time, often annually or quarterly. They’re commonly used to determine the economic performance of a whole country or region, and to make international comparisons.
