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    economic growth usually can be achieved without investing in new resources.

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    Chapter 1.3

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    Social Studies

    12th

    12th Chapter 1.3

    Zachary Borgman 27 plays

    10 Qs

    Show Answers See Preview 1. Multiple-choice 30 seconds 5 pts Q.

    Economic growth is an increase in a nation's output of goods and services over time.

    answer choices TRUE FALSE 2. Multiple-choice 30 seconds 5 pts Q.

    Economic growth usually can be achieved without investing in new resources.

    answer choices TRUE FALSE 3. Multiple-choice 30 seconds 5 pts Q.

    Economic growth causes the production possibilities frontier to contract.

    answer choices TRUE FALSE 4. Multiple-choice 30 seconds 5 pts Q.

    People's skills, abilities, health, knowledge, and motivation all add up to entrepreneurship.

    answer choices TRUE FALSE 5. Multiple-choice 30 seconds 5 pts Q.

    Separation of tasks to be performed by different workers is division of labor.

    answer choices TRUE FALSE 6. Multiple-choice 30 seconds 5 pts Q.

    Which of the following would result in a change in the production possibilities frontier in the mythical country of Alpha?

    answer choices

    an influx of immigrants from other countries

    the discovery of an abundant natrual resource

    a long drought all of the above 7. Multiple-choice 30 seconds 5 pts Q.

    In the mythical country of Alpha, an entrepreneur has introduced a new technology that makes manufacturing twice as efficient as before. How is this likely to affect the production possibilities frontier?

    answer choices

    It would not change the frontier.

    It would make the frontier smaller.

    It would expand the frontier.

    It would change the shape of the frontier.

    8. Multiple-choice 30 seconds 5 pts Q.

    The amount of output in a specific amount of time with a given amount of resources is referred to as

    answer choices productivity. human capital. efficiency. investment risk. 9. Multiple-choice 30 seconds 5 pts Q.

    Division of labor is practiced because

    answer choices

    companies do not want workers to talk to one another.

    it increases efficiency by ensuring that all workers become good at every task.

    it increases efficiency by ensuring that workers become good a specific tasks.

    it prevents specialization.

    10. Multiple-choice 30 seconds 5 pts Q.

    Dave gets a job at a grocery store, which pays him an hourly wage in exchange for his labor. Dave is participating in

    answer choices entrepreneurship. human capital. the product market. the factor market.

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    What Are Ways Economic Growth Can Be Achieved?

    Discover what drives economic growth and a few of the methods used by leaders and economists to increase economic activity in an economy.

    ECONOMY ECONOMICS

    What Are Ways Economic Growth Can Be Achieved?

    By GREG DEPERSIO Updated May 17, 2021

    Reviewed by MICHAEL J BOYLE

    Fact checked by YARILET PEREZ

    Economic growth is measured by an increase in gross domestic product (GDP), which is defined as the combined value of all goods and services produced within a country in a year. Many forces contribute to economic growth. However, there is no single factor that consistently spurs the perfect or ideal amount of growth needed for an economy. Unfortunately, recessions are a fact of life and can be caused by exogenous factors such as geopolitical and geo-financial events.

    Politicians, world leaders, and economists have widely debated the ideal growth rate and how to achieve it. It's important to study how an economy grows, meaning what or who are the participants that make an economy move forward.

    In the United States, economic growth is driven oftentimes by consumer spending and business investment. If consumers are buying homes, for example, home builders, contractors, and construction workers will experience economic growth. Businesses also drive the economy when they hire workers, raise wages, and invest in growing their business. A company that buys a new manufacturing plant or invests in new technologies creates jobs, spending, which leads to growth in the economy.

    Other factors help promote consumer and business spending and prosperity. Banks, for example, lend money to companies and consumers. As businesses have access to credit, they might finance a new production facility, buy a new fleet of trucks, or start a new product line or service. The spending and business investments, in turn, have positive effects on the companies involved. However, the growth also extends to those doing business with the companies, including in the above example, the bank employees and the truck manufacturer.

    In this article are a few of the measures that are often employed to increase and promote economic growth.

    KEY TAKEAWAYS

    Economic growth is driven oftentimes by consumer spending and business investment.

    Tax cuts and rebates are used to return money to consumers and boost spending.

    Deregulation relaxes the rules imposed on businesses and have been credited with creating growth but can lead to excessive risk-taking.

    Infrastructure spending is designed to create construction jobs and increase productivity by enabling businesses to operate more efficiently.

    Tax Cuts and Tax Rebates

    Tax cuts and tax rebates are designed to put more money back into the pockets of consumers. Ideally, these consumers spend a portion of that money at various businesses, which increases the businesses' revenues, cash flows, and profits. Having more cash means companies have the resources to procure capital, improve technology, grow, and expand. All of these actions increase productivity, which grows the economy. Tax cuts and rebates, proponents argue, allow consumers to stimulate the economy themselves by imbuing it with more money.

    In 2017, the Trump administration proposed, and Congress passed the Tax Cuts and Jobs Act.1 The legislation lowered corporate taxes to 20%— the highest corporate income tax rate was 35% before the bill. Various personal income tax brackets were lowered as well. The bill cost $1.5 trillion and is designed to increase economic growth for the next ten years.23

    As with any stimulus used to spur economic growth, it's often difficult to pinpoint how much growth was created by the stimulus and how much was generated by other factors and market forces.

    Stimulating the Economy With Deregulation

    Deregulation is the relaxing of rules and regulations imposed on an industry or business. It became a centerpiece of economics in the United States under the Reagan administration in the 1980s, when the federal government deregulated several industries, most notably financial institutions. Many economists credit Reagan's deregulation with the robust economic growth that characterized the U.S. during most of the 1980s and 1990s. Proponents of deregulation argue tight regulations constrain businesses and prevent them from growing and operating to their full capabilities. This, in turn, slows production and hiring, which inhibits GDP growth. However, economists who favor regulations blame deregulation and a lack of government oversight for the numerous economic bubbles that expanded and subsequently burst during the 1990s and early 2000s.

    Many economists cite that there was a lack of regulatory oversight leading up to the financial crisis of 2008. Subprime mortgages, which are high-risk mortgages to borrowers with less-than-perfect credit, began to default in 2007. The mortgage industry collapsed, leading to a recession and subsequent bailouts of several banks by the U.S. government. New regulations were implemented in the years to follow that imposed increased capital requirements for banks, meaning they need more cash on hand to cover potential losses from bad loans.

    Using Infrastructure to Spur Economic Growth

    Infrastructure spending occurs when a local, state, or federal government spends money to build or repair the physical structures and facilities needed for commerce and society as a whole to thrive. Infrastructure includes roads, bridges, ports, and sewer systems. Economists who favor infrastructure spending as an economic catalyst argue that having top-notch infrastructure increases productivity by enabling businesses to operate as efficiently as possible. For example, when roads and bridges are abundant and in working order, trucks spend less time sitting in traffic, and they don't have to take circuitous routes to traverse waterways.

    Source : www.investopedia.com

    Economic Growth

    Economic growth has two meanings: Firstly, and most commonly, growth is defined as an increase in the output that an economy produces over a period of time, the minimum being two consecutive quarters.The second meaning of economic growth is an increase in what an economy can produce if it

    COMPETITIVE MARKETS

    Economic Growth

    EconomicsOnline • January 13, 2020 • 5 min read

    Economic growth has two meanings:

    Firstly, and most commonly, growth is defined as an increase in the output that an economy produces over a period of time, the minimum being two consecutive quarters.

    The second meaning of economic growth is an increase in what an economy can produce if it is using all its scarce resources. An increase in an economy’s productive potential can be shown by an outward shift in the economy’s production possibility frontier (PPF).

    The simplest way to show economic growth is to bundle all goods into two basic categories, consumer and capital goods. An outward shift of a PPF means that an economy has increased its capacity to produce.

    What creates growth?

    When using a PPF, growth is defined as an increase in potential output over time, and illustrated by an outward shift in the curve.  An outward shift of a PPF means that an economy has increased its capacity to produce all goods. This can occur when the economy undertakes some or all of the following:

    Employs new technology

    Investment in new technology increases potential output for all goods and services because new technology is inevitably more efficient than old technology. Widespread ‘mechanisation’ in the 18th and 19th centuries enabled the UK to generate vast quantities of output from relatively few resources, and become the world’s first fully industrialised economy. In recent times, China’s rapid growth rate owes much to the application of new technology to the manufacturing process.

    An economy will not be able to grow if an insufficient amount of resources are allocated to capital goods. In fact, because capital depreciates some resources must be allocated to capital goods for an economy to remain at its current size, let alone for it to grow.

    Employs a division of labour, allowing specialisation

    A division of labour refers to how production can be broken down into separate tasks, enabling machines to be developed to help production, and allowing labour to specialise on a small range of activities. A division of labour, and specialisation, can considerably improve productive capacity, and shift the PPF outwards.

    See also: Adam Smith

    Employs new production methods

    New methods of production can increase potential output. For example, the introduction of team working to the production of motor vehicles in the 1980s reduced wastage and led to considerable efficiency improvements. The widespread use of computer controlled production methods, such as robotics, has dramatically improved the productive potential of many manufacturing firms.

    Increases its labour force

    Growth in the size of the working population enables an economy to increase its potential output. This can be achieved through natural growth, when the birth rate exceeds the death rate, or through net immigration, when immigration is greater than emigration.

    Discovers new raw materials

    Discoveries of key resources, such as oil, increase an economy’s capacity to produce.

    An inward shift of a PPF

    A PPF will shift inwards when an economy has suffered a loss or exhaustion of some of its scarce resources. This reduces an economy’s productive potential.

    A PPF will shift inwards if:

    Resources run out

    If key non-renewable resources, like oil, are exhausted the productive capacity of an economy may be reduced. This happens more quickly as a result of the application of ultra-efficient production methods, and when countries over-specialise in producing goods from non-renewable resources.

    Sustainable growth means that the current rate of growth is not so fast that future generations are denied the benefit of scarce resources, such as non-renewable resources, and a clean environment.

    Failure to invest

    A failure to invest in human and real capital to compensate for depreciation will reduce an economy’s capacity. Real capital, such as machinery and equipment, wears out with use and its productivity falls over time. As the output from real capital falls, the productivity of labour will also fall. The quality and productivity of labour also depends on the acquisition of new skills. Therefore, if an economy does not invest in people and technology its PPF will slowly move inwards.

    Erosion of infrastructure

    A military conflict is likely to destroy factories, people, communications, and infrastructure.

    Natural disaster

    If there is a natural disaster, such as the 2005 boxing-day tsunami, or the Haiti earthquake of 2010, an economy’s PPF will shift inwards.

    Investment and economic growth

    Allocating scarce funds to capital goods, such as machinery, is referred to as real investment. If an economy chooses to produce more capital goods than consumer goods, at point A in the diagram, then it will grow by more than if it allocated more resources to consumer goods, at point B, below.

    Source : www.economicsonline.co.uk

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