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:
A, D are the answers
Explanation:
The correct answers are,
A. French aristocrats belonged to the second estate
D. it was very difficult to change membership in a estate
During the periods that were characterized by feudalism, the clergy was regarded as the first estate, the aristocrats were the second estate, while those that were commoners or peasants were third estate.
No social mobility existed among these estates. So it was difficult to change membership.
Answer:
Some important jobs would be:
- Farmers: if the region is fertile enough, farmers are crucial, simply because they produce most of the food that will be consumed in the area.
- Law enforcers: any area needs some form of law-enforcement, no matter how anarchic it is.
- Doctors: some medical practitioners are also needed, in order to tend the sick and wounded.
- Merchants: a few merchants are also needed, in order to help with the importing and exporting of goods (trade).
