TOPIC: FOR GRADE 10B_New
" It is always possible for a government to achieve a high rate of economic growth".
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April 23 to 28, 2013
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Economic growth can be measured by GDP or called Gross Domestic Product. When the total of production in a country increases means the GDP increases and as the GDP increase it may increase the economic of a country as well and make the economic growth in a right way.
ReplyDeleteWhen the government can achieve high rate of economic growth, it means the condition of a output and income in a country is good then government can use the money to spend in purpose make the country’s economy increase and achieve all the government aims. As the economic growth has a high rate, means the production increases then as the production increases means producers will need more labour then when firms recruit more labour means the unemployment can be push to the more low level and make the employment rises. Then when economic is growing well, people that before is unemployed is employed and have income then now they can spend more to satisfy their needs and wants, the welfare of the environment will increases and the level of living or the living standard will increase.
However, government isn’t possible to always achieve high rate economic growth because government expenditure may not be so beneficial to the all society then when the distribution isn’t equal in the county, the inequality will increase and then government can’t achieve a high rate of economic growth. As the inequality increase it will open a big gap between the rich and poor, whereas it isn’t good. Also when inequality increases it may cause the income per capita isn’t stable and the country can’t be developed country.
As the GDP is to measured how the economic growth means when GDP is not at good position at that time, then government can’t achieve a high rate economic growth. GDP is one of the factors to know how the economic is growing in a country then when it at good position it will increase the percentage of the country’s economy but otherwise it will make the rate of economic growth at low point.
Environment also has vote on the progress of economic growth. When the environment bad, the life expectancy of a country will decrease, as the life expectancy decreases, population are getting less while firms are lot in the country; but they low on employees then when the population are less but the jobs are many it will make the economic not stable and make the rate of the economic growth doesn’t good as well. So, good environment and healthy food also has vote in the growth of an economy of a country.
So, it doesn’t mean one factor will make government achieve a high rate of an economic. Government must see many factors that effect the rate of the economic growth itself. Then, when all the factors are satisfied it can increase the rate of economic growth. So, it isn’t always possible for government to achieve a good and high rate of economic growth in a country.
Economic growth means there has been an increase in the real GPD of an economy. GDP or Gross Domestic Product is the total market value of all finish goods and services produced within an economy by its factor of production in a given period of time. There are three ways to measuring the GDP or value of economic activity in an economy such as, the output method, the income method and the expenditure method.
ReplyDeleteEconomic growth in a country can be achieved if governments and communities want to manage and utilize the resources as well as possible. Government can use the discovery of more natural resources. If they can use the natural resources such as gas and oil as well as possible they can increase their economic growth in their country because they can use the resources to produce more goods and services. The government can achieve higher economic growth if they can use resources to produce more goods and services and the gross domestic product also increase. When the GDP increase when the producer produce more so the consumer has more opportunities of goods and services.
Government also can achieve higher economic growth if they do the technical progress. New inventions and production processes can increase the productivity of existing resources and produce new materials and products. Government can support investments in the research and development of new product and process. If the producer produce more goods and services that means they need more employee and workers, so it will reduce the number of unemployment and increase the number of employment. These situations give the unemployment jobs and give them income so they can satisfy their needs and wants. If the producers produce more they can increase their profit because they can sales more product and increase business opportunities.
If the number of unemployment decrease, people can get income and they can satisfy their needs so they can improve their living standard and the government no need to expand more to give subsidies for the unemployment people and the government can use that money to invested in more and better public infrastructure in their country. The government also can improve their tax revenue to give subsidies for health care, education and other public services.
However to achieve the higher economic growth there are some negative impact such as, the technical progress can replace workers with machinery and the firm change from labour intensive become capital intensive. If they do this they will fire their workers and the unemployment rate will increase again. If the firm wants to produce more goods and services they will need more resources and they will use more resources. If they can’t use it wisely then the resources will be depleted and abused. If the distribution of income and wealth in their country not equal the poor people can’t feel the high economic growth and the rich people can feel it and make the higher economic growth in an economic nit give beneficial to all society in that country.
So, government can achieve higher economic growth in their country if they do investment in new capital and infrastructure, the discovery of more natural resources, technical progress, increasing the amount and quality of human resources and reallocating resources. If they give the training for the unskilled people they can improve their skill and the high economic growth can reduce the unemployment people and increase their living standard.
Economic growth is the increasing of the total amount of goods and services or gross domestict product (GDP) in an economy over time. Government can always increase the amont of goods and services that produce in an economy by
ReplyDeleteFirst by decreasing the indirect taxes such as interest rates and direct taxes such as income taxes so people disposable income will be bigger for working population , as they earning become bigger they can spend more , so the demand for the products are big , so the company will increasing the output or the amount of goods or services they produce because of big demand from the customers . Example like in 1950 the GDP in usa is 17.20 percent but now in 2013 the GDP is 40 percent so it has been increasing about 22.80 percent since 1950.
Second government can subsidise the companies to grow bigger because as they grow bigger they will need more resources example like capital so they will order more technology or capital so the technology company will increasing the output because their demand from the companies for their products are increasing , and also for the labour incentive company they will hire more labour , as they hire more labour because of the growth of their size or going bigger so from there they can produce more output because they have many labour , and also the plus affect is the decreasing in amount of employment .
Third Government can subsidise the unemployment people to go to hire education , so government can subsidise them by giving the the free education so all the unemploymnet can be skilled or developing they skill . As the increasing in the skilled of unemployment people it will attract the demand for labour from the companies , as many people get skilled so the companies will hire more labour because skilled labour can help the developing of the companies , as the working populations increase , company also can increase the volume of the output.
From the secong and the third options above they said that the decreasing in unemployment, as the unemployment decreasing it means more people now have income to spend for goods and services , so the demand is big , and the economy will keep growing overtime. One factor that economy can be included in good economy is the small amount of unemployment people so Good economy condition will attract many investors to invest their money to that country , so if there is an investor invest his or her money in that company it means that company gets additional capital that can help them to produce more output.
So government possible to increase the economic growth by several factors such as the decreasing in direct and indirect taxes , subsidising , and also by unbind the government rules and regulations . But government has to keep maintaining the demand and the cost of production because inflation can happened any times .
Economic growth is the increase in the amount of the goods and services produced by an economy over time .It is conventionally measured as the percent rate of increase in real domestic product ,or real GDP .Growth is usually calculated in real terms ,economic growth typically refers to growth of potential output .I think it’s always possible to government increase rate of economic growth because economic growth can borrow many benefit for society also for government economic growth also can make country develop .
ReplyDeleteGovernment can increase economic growth by promoting productivity and the supply side of the economy then there will be an increase in aggregate supply and aggregate demand therefore the growth will be success also not cause inflationary
Government also may can use natural resources from the country itself with
government use the natural resources so government can sell the natural resources to another country or opened firms to reduce unemployment because will open opportunity for the unemployment to get job and to works ,with many people can works in government to tend the natural resources , government also will get income from selling natural resources ,the income can used by government to developed country also to achieve higher rate of economic growth .
With government already reduce the unemployment it’s mean there are many unemployment that can’t achieve their living standard before can achieve their living standard so the government expenditure will reduce because the people who unemployment before and already become employment has been achieve their own living standard which mean the government expenditure for poverty will also reduce and the money can used by government to develop the country or achieve high rate of economic growth ,because economic growth is will bring benefit for the country also can increase income of the country and will open new field job for unemployment because many multinational company and overseas firms will attract to invest their firms in the country which is develop and have high rate of economic growth because the opportunity their country success and growth also much higher ,with that the field job will available for unemployment in the country and this also mean government expenditure of poverty also become low and the money can use to develop country more and more.
But sometimes a potential problem of increasing economic growth is that it could magnify environmental ,the uses of natural resources may over the limit and government may can’t prevent the environmental problem and exceed in uses of natural resources also can make the level of pollution high and would make serious problem of global warming even worse .
But as long as government can handle the environment and still limit the uses of natural resources and not exceed the procedures it may not become a problem for environmental and for the economy .
So ,the conclusion is government always has opportunity for achieve higher rate of economic growth ,because when government achieve higher level of economic growth it will bring many benefit and also will bring many transform in economic also can make the country develop .
Economic growth means there has been an increase in the real GDP of an economy. GDP or Gross Domestic Product is the total market value of all final goods and services produced within an economy by its factors of production in a given period of time. Economic growth is one of the government’s macroeconomic objectives. Economic growth can improve the living standards of people, and also to keep price inflation low and stable in an economy, by the increase in aggregate supply.
ReplyDeleteGovernment can achieve economic growth by employing/use all of the resources as fully as possible, and by changing some things that are required. Government have to discover more natural resources, increase the capital investment, the new invention of production process, increase the amount/quality of human resources, reallocating resources. However, it’s not easy to do all of the things. It’s not always possible to achieve economic growth, there are some drawbacks, obstacle and opportunity cost.
First, by discovering more natural resources, it will help the economy to grow as there are more resources. However, to discover more natural resources such as coal and iron needs a lot of money, especially for those in the developing countries, they may lack of fund to do some research/discovery. And by using/discover more resources, it will make the resources scarce. The scarcity raise the prices of resources which may lead to cost-push inflation. It also makes some of the goods can’t be produced because the lack of resources. It also could damage the environment, for example, if we use woods from trees unwisely, the number of trees in the world will decrease and lead to global warming.
Second, to increase the investment in new capital from private sector, government needs to provides subsidies, reduce taxes, and make the interest rate low to attract them. However, subsidies needs a lot of money and increase the public expenditure. By reducing taxes, government’s revenue will fall and may not afford to cover the public expenditure. Low interest rate may increase the aggregate demand which may lead to inflation, and increase in the supply of money. Investment in infrastructure from government may require a lot of money, and government may lack of money.
Third, the new invention on production process can increase the productivity. However, it may needs financial help from government, which may increase the government expenditure. And if the technology are more advance, technology may replace labour. Many firms will move from labour intensive to capital intensive. This will raise the unemployment rate.
Fourth, larger number of productive work force can boost economic growth. However, government have to encourage more people to work by reducing the unemployment benefit and income taxes. Better education and healthcare also needed to increase the quality of labour, but it requires a lot of money to finance it. Fifth, some people may not record all of their business transaction to hide their profits, to avoid higher taxes. This will prevent government from getting more revenue to finance the public expenditure.
Therefore, it is not always possible to achieve high rate of economic growth. There are always some drawbacks and opportunity cost. The important thing is we should use and allocate the resources wisely to achieve higher rate of economy growth.
Charles 10BN
Economic growth is a term where there is an increase in real GDP of the country’s economic system. GDP or Gross Domestic Product is the total value of finished goods and services produced in the country. It can be calculated by (C+G+I+(x-m)) or by adding household consumption, government spending, income, and (export-import).
ReplyDeleteThere are several reasons for government to achieve high rate of economic growth as it can help one of the macro-economic objectives of government. High economic growth means increase in production, therefore increases aggregate supply of the country and it can help to stabilize inflation as demand being fulfilled in the market. As supply increases it create producer to higher more employees which can help to maintain high and stable employment in the country, then employees will get more income and government’s public revenue may increases and use it for health care and training so that labor forces are being well productive when employed. However, it is not easy to achieve high economic growth rate in the country.
First, as employees being employed too much there will be more income to employees and more money to spend in the market. When producers failed to produce as much as demand increases, inflation will increase to a higher rate.
Second, after an increase in demand the producer will start to extract more the natural resources. As natural resources being more extracted it can create scarcity and thus create cost-push inflation on all products as they are being rare and scarce. Then government must forbid the extraction of natural resources as they usually subsidies it to attract more company to establish in the country and then aggregate supply will fall and high rate of economic growth can’t be fulfilled. After that, producer will soon find that the country is no longer good to make production as raw materials being scarce make the producer to remove employees to reduce cost.
Third, after producer decided to reduce cost they may replace the employees with newer technologies as the technologies are more efficient than human and more productive as they don’t feel bored when doing flow production. Then unemployment are there, create more government to spend on welfare payments to fulfill the needs and wants of people in the country.
Fourth, government will have less money to spend on more important things such as health care and education. Create more people to have lack of education and health care, then government will spend more to take care of them and in the same time to maintain unemployment and inflation. Even aggregate supply increases, aggregate demand can’t keep up on the increase it will create problems on producers as their sales being reduced thus reducing revenue and profit of the company and again they will remove more employees and reduce production to maintain cost of production.
Fifth, after more and more unemployment it is hard to create the high rate of economic growth as government already spend more on the welfare and subsidies. However, after 1 or 2 years their public revenue can’t be used as it is finished. Then government must borrow money from other country to fulfill their expenditure and create more liabilities.
So, it is hard to achieve the high rate of economic growth as there are a lot obstacles and domino effect to happen in the country. Maintaining unemployment is also hard, as government must spend more on welfare payments and training to increase their skills. Again, if people are being less skill fewer producers will be attracted to establish the company and will decrease government’s public revenue on direct and indirect taxes from both company and employees.
Economic growth means there is an increase in the real GDP (Gross Domestic Product). Gross Domestic Product is the total market value of goods and services produced in the economy. By calculating this, we can know which country is the richest, in the world. But not all the country with high GDP is always a developed country. Economic growth is one of the macroeconomic aims of the government. It is beneficial for both the economy and society to have a high rate of economic growth.
ReplyDeleteEconomic growth can benefit the economy by the discovery in new natural resources, more investments in capital and also increase in amount and quality of human resources.
The government has a few macroeconomic aims to achieve. One of them is a high and stable economic growth. It is possible to achieve this, which is by providing a secure environment for business fields through good law, rules and regulations that can prevent stealing, corruption and cheating.
Government can try to decrease unemployment and poverty in rural areas or urban cities. This can be done by handing out subsidies through prices of goods and services in certain areas for a group of customers. Government can also equalize jobs and income, by providing more suitable jobs for unskilled people that are suffering from poverty. Decrease the specialized works and have a standard wage rate so it is fair for all workers.
Government can also integrate companies in inner cities to the regional markets that may increase the growth and efficiency of the regional economy. Therefore, the whole economy can be affected.
They can also provide education, healthcare and cultural institutions in the urban core, not only the inner cities so it is balanced. People who are unskilled can get skills and find talents through it to find jobs for their earnings.
Government can also provide infrastructure in the economy. By having more firms in the economy, it can help reduce unemployment and poverty. If more people are hired for jobs they can earn money for their lives without waiting for the government’s help through subsidy. Subsidy can be a disadvantage to people, because people will tend to think earning money is easy, or so called easy money.
But not all governments are able to increase economic growth easily. They need to spend more in order to achieve this goal because they will have to do more things that require money. Like expanding business fields in the industrial sector, building new academic and educational institute or giving out subsidies to poor people to reduce poverty.
To conclude, it is possible for the government to increase economic growth. But it requires more a effort, hardwork and money to achieve this. If the government make clever and smart decisions it can help the economy to increase their growth and benefit the society to make the country a better place.
Economic Growth is the increasing in the capacity of an economy to produce goods and services or called Gross Domestic Product. It can be measured in nominal terms which include inflation or in real terms which are adjusted for inflation. Economic Growth can help to keep low and stable inflation in an economy.
ReplyDeleteEconomic growth can bring benefits to the conomy, such as when the total output ( total goods and services produced ) increase , there will be greater availabillity of goods and services to satisfy consumers needs and wants; and if the total output increase so is the production ,it will create employment opportunities so we can conclude that economic growth can reduce the number of unemployment. When the production is rising, it will bring advantages to the company because their sales and profits increased.
For the government side, when the welfare of people and the firms is in the good condition, they have or hold a lot of money, and they can or willing to spend the money on tax. When they pay more taxes, government revenues will increase and it can be invested in more and better public goods/ services ( public expenditure)
On the other hand, the economic growth can also bring negative impacts such as the techincal progress may be replace workers with machines, because nowadays world offers advanced machine and equipment, so the translation is it can create unemployment
When the economic growth in faster rate it means we will use up resources in faster time too, so it can become scarcity and harmful the natural resoures
So there are many ways by government to achieve a high rate of economic growth, the first way is increased productivity, it means to use advanced machinary and equipment, and hire skill labour by training them. When the sources is good, the product produce will be good too, so the output is in a better condition, and it will increase the people demand of a goods and services so they are willing to buy it. If Aggregate demand increase, the firms will be forced to produce more to satisfied the needs and wants and also to increase their sales and profits.
The second way is by to give more benefits to the overseas company, so they are willing to invest their business in a country. The benefits can be reduction tax or even free tax and many other benefits. When many overseas company ivested their business, it will increase the total output, and production. So it will affect the economy and increase the economic growth.
The thirdway is to use the natural resources as useful as possible in a stable rate of time, because if government decided to increase the economic growth fastly, by using the natural resources over, it will harm the natural resources itself and create many adantages such as pollution to the society.
In the other hand, government also can meet barriers when they want to achieve high rate of economic growth, Such as giving the overseas company benefits. When government want to giving benefits to the overseas company, government should have more money to give, and it cant be achieved if government revenues is less but the expenditure is bigger. The same problem when the government want to change all the old machinery with the new and modern ones, also training the unskilled employee, it required a lot of money.
The conclusion is it is possible for a government to achieve a high rate of economic growth, but it is better if government consider and organize their expenditure and revenues as well as possible so they can achieve the economic growth.
Economic growth is a condition when GDP is have an increases. If GDP is increases means the living standarts of the people will be increase due to increases amount of goods and services. But economic growth is not always balance or in the other word economic growth may be unfair. Because rich people will be richer but the poor people will remain poor and still have a low living standarts.
ReplyDeleteIt is always possible for a government to achieve high rate of economic growth ? The answer is not always. When the government achieve high rate of economic growth it means the level of economics in that country is in a good condition. Because the government are in a good economic condition , the government will be able to achieve high economic growth. But if economic growth is growth too much , it will give bad effect to the government.
If the economic growth is keep growing there will be more unemployment. Why ? Because the firms will try to get profit as much as possible. So to faster the production rate the firms will replace employees or workers into machines. Because machines is faster and more efficient then workers. If its compared between wages of hundered of workers than a few machinery. It will cost more on wages of the workers. So unemployed people will be increases. If unemployment increases it means the government have to spend more on welfare payment to maintain the unemployed people and their family.
If the unemployment are high , the government money will be less. So government will spend less on healthcare and education. Health care and education is very important for the poor people that can’t afford both of that facilities. If the government dosen’t have enough money , there will be some poor people that are uneducated and sick. So at the end , it will be hard for the government to achieve high rate of economic growth. Because the government already spend much on welfare payment and subsidies.
Second effect is , the scarcity of the resources. If there is a economic growth it means the firms will use the resources in a fast rate due to raising of living standarts that can make demand of the goods are increasing. But the problem is demand or wants are unlimited but our resources are limited. So soon or later our natural resources will be run out. And also our environment like forest , field ,etc. Will be used for production. If its used for production means the trees and the grass on the field will be cut off for opening the new firms , houses , roads , etc.
The conclution is if economic growth ; growth too much it will give a bad effect to the government. Because the unemployment will be increases. If the unemployment are increase the government have to spend more on welfare payment and subsidies. So the government will be hard to achieve high economic growth due to less money that own by the government. And also the natural resources will be scarce due to high and fast production rate
Economic growth is the annual percentage of the increases in national output (GDP) or it can says that economic growth is a positive change in the output, or production, of a country or an economy, means there is an increasing in the total of output of goods and services. Government can achieve high rate of economic, for it would benefits to various factors.
ReplyDeleteFirst, government should provides jobs to the people who are unemployed, means reducing unemployment. As the more people get jobs, the more disposable income they will get and then it would increase the productivity output of goods and services. Furthermore, government could create a more of educated workforce, people would be skilled, then so, will do the tasks and more output increase. Also, increased labor force participation increases output.
Second, giving subsidies for education, create a more educated workforce, then so, the education levels will increase. For instance, in the UK they have been investing an additional £980 million in schools in England, with funding for 100 free schools. Improved education creates more productive workers. Productive workers will support and boost the productivity of the output in a company.
Third, government should provide a good environment for business, and a good investment climate and also providing resources for business to use for further investment. For example, good infrastructure and a well trained labor force and others. For developing countries, such as China, which have enjoyed high and sustained rates of growth, have also had high levels of public investment. This is because improvements in things like education and infrastructure help to increase investment for the business and it will contribute to productivity growth.
For example, like UK, that introduced an increase in the annual investment allowance, from £25,000 to £250,000, for 2 years, encouraging small and medium sized of businesses to invest in plant and machinery.
Fourth, productivity declines as the tax rates increases, as people would be willing to choose to work less. The higher tax rate, the more time people spend to avoid taxes, such as direct taxes and the less time they spend on more productive activity. So the government should lower the tax rate, to maintain higher value of all goods and services produced.
So long, for all of these factors, as the government operate within well-functioning, it will have the incentives to produce goods as efficiently as they can, to innovate, and could fulfill market demand, which helps to increase the amount produced for a given level of resources, and it could increases increase a country’s productivity.
So, in conclusion, it is possible for government to achieve the increasing of economic growth. However, government should carry out carefully as growth may bring down to inflation if there is no balance in the increasing between of AS and AD.