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Identify and analyse the factors which affect Economic Growth - What Methods are used to calculate GDP and Economic Growth and Identify their weaknesses.
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Identify and analyse the factors which affect Economic Growth. What Methods are used to calculate GDP and Economic Growth and Identify their weaknesses. Edward Cohen There are many factors which affect economic growth. It is important to first understand what this really means - economic growth is the increase in the productive potential of an economy in real terms and that can be represented by an outward shift in the production possibility curve. The benefits of this growth will be a higher standard of living because the output will increase so more goods and services can be bought. The main affecters to economic growth are; A rise in the productivity of existing factors through better organization, education, health and productivity of labour. By doing this the output will be increased because workers and businesses can achieve their full potential. If one firm invests in training in order to raise labour productivity, other firms...
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