Define the short term and long term economic growth


Assignment:

What have been the most important determinants of economic growth in [your chosen country] over the past 10 years?

Introduction

1. Thesis: for example: "This essay will argue that the most important determinants of economic growth in ................ are ..................... and .....................

2. Definitions of short term and long term economic growth:

3. What targets have the government had for economic growth over the last 10 years?

4. What has actually happened to economic growth over that period?

5. How does growth compare to similar/neighbouring countries

6. What does the economic growth look like:

  • Steady or inconsistent
  • Rapid or slow
  • Focussed in particular geographic areas or spread across the country
  • Which components of AD have risen the most/the least?

Main Body

What have been the causes of economic growth?

  • Cyclical fluctuations
  • Changes in the factors of production (land, labour, capital, enterprise)
  • Changes in the productivity of factors e.g. through better technology or education
  • Changes in government policy
  • Political change or instability
  • Natural disasters or other supply shocks
  • Volatility in world prices
  • Changes in the exchange rate

Questions for analysis and evaluation:

  • Which drivers of growth have been the most important in different regions/industries?
  • What has driven short term growth?
  • What factors have been most important in driving long term growth?

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Business Law and Ethics: Define the short term and long term economic growth
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