Question

Analyze how a growing economy affects your job and income?

Answer 1

Economic growth can be defined as a society's increased ability to produce goods and services in a specific time period. Because more goods and services are needed, more people need to work in order to meet the demand. Because more money is flowing within the society to purchase these goods and services, it is possible to pay employees a higher wage. Therefore, when economic growth can be sustained, it provides more job opportunities and a higher income. This ultimately lead to a higher standard of living.