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Olga $. 10.02.03 Mr. Buckley 11 Economics Characteristics of economic growth Economic growth is when an increased output of a nation of goods and services available to satisfy the material wants of the people. It is also defined as the increase in real GDP per capita, aver a certain time period, usually one year. Historical evidence may help to identify the requirements necessary for process of growth. In major study on the causes of economic growth, Professor Simon Kuznets identified characteristics which were found in each of the present day developed countries during their own periods of time. Those will be discussed in this essay. Economic growth can change a lot over time and between countries. This can be seen in the table below which shows a variation between a selection of countries, by showing the average annual growth rate of the decade between 1980 and 1990. Economic Growth Rates ...

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