Examine the factors which explain the differences between economic

First of all it’s totally based on the level of economy. Economic growth is calculated by rise in gross domestic product, or 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; unfortunately, no one is 100% clear about what these forces are or how to put them into

The production of countries is compared to one another based on their gross domestic product. A country is said to have economic growth if it has an increase in output. Every quarter of the year, the Bureau of Economic Analysis releases a GDP estimate on the US. This allows for people to see how the US economy is doing, how it’s changing, and predict how it might change in the future. The reports for quarter one, two, and three are all out now for 2014 and it is very interesting so see how the gross domestic product changes through each quarter. The articles I picked to summarize and analyze are each about a certain quarter and are in chronological order.

Growth and perpetual change of this stature was not just an increase in demand and labor or even investments. Geography lends to some of the differences between countries however it does not explain why growth was more or less successful due to emerging and sustaining growth of the region. Innovation to the greatest

According to the Keynesian approach, there have been identified the four variables that affects the economic growth. These are investment, saving, liberalization of the trading activities, movement of the capital, policy of the exchange rate and the macroeconomic stability of the economy. The investment in the human capital and the physical capital are also one of the factors that fasten the economic growth in the country. The demography is another factor that determines the growth of the economy. However, among these factors, research study has identified other factors that determines and enhance the economic growth.

The countries’ histories lead to differences in each country’s political and economic policy, which influence the process of leadership and education as the foundation variables of economic growth

Economic growth means the increase in the real GDP over time. It can be caused by an increase in an aggregate demand or aggregate supply. However, long-term economic growth mainly results from an increase in aggregate supply for instance increased capital, etc. Growth accounting is the tool to estimate the contributions from various sources to economic growth. It is the growth of GDP explained by weighted growth rates of other variables. It should be cleared that the growth rates of other variables need not to be the final explanation of GDP growth (Holz, 2008). It is given by: ΔY/Y=ΔA/A + α.ΔK/K + (1-α) ΔL/L. How long run aggregate supply impact growth is shown below.

This can be measured by the following formula; Per capita nominal GDP = Nominal GDP / Population, Per capita real GDP = Real GDP / Population. Seven factors determine economic growth. Natural resources such as land, mineral deposits, waterways; climatic conditions provide an essential foundation to economic growth. Combined with the other resources of capital, labor and enterprises, natural resources can be developed and organized to increase the productive capacity if the nation. Consequently the quality and size of the labor force is a major determinant of economic growth. Education and vocational training are essential the growth potential of a nation. The promotion of education and job training schemes increase the knowledge, skills and flexibility of the workforce that contributes to potentially higher levels of productivity and efficiency. Whether from natural increase or immigration population growth can cause a higher level of economic growth. An increasing population requires increased public spending on housing, education and other social needs while businesses expectations of

Economic growth of any country reflects its capacity to increase production of goods and services. The simplest definition of economic growth can be stated as the increase in the Gross Domestic Product (GDP) of that country that is the amount of goods and services produced within a country. Interest rate is one of the macroeconomic growth factors to economic growth, with its up’s and down’s the Interest rates

Economic Growth: Increase in production capacity over time leads to economic growth. Production capacity could be increased by increasing the quantity and quality of resources as per the requirement. This results in more goods and services for consumption.

Between 2005-2010, Canada was all over the place in terms of economic conditions. During this time period Canada was run under a Conservative government led by Stephen Harper. Some global events during the time include: the 2008 financial crisis, 2010 Olympic Games, and the 2010 G20 Summit. In early 2009 the Canadian economy, as well as other major economies fell into a deep recession because of the 2009 financial crisis. The recession was the second worst since the great depression, and the GDP growth rate decline was close to the recession of 1982’s.

Economic growth is conventionally measured by the increase of the Gross Domestic Product (GDP) (Khan, 2014; Pritzker, 2014; IMF, 2012). It is closely related to the increase of aggregated output (Broadberry, 2011, Hausmann and Hidalgo, 2011). Many scholars have interest in economic growth because it has potential both for reducing poverty (Ravallion, 2001; Goudie and Ladd, 1999), and raising people’s living standard (Dupont, 2015; Jackson, 2008).

Economic growth is the percentage increase in total output of the economy at constant prices. In another way, Economic Growth is defined as the way that the real income of an economy increases over time. Such increases mean that real incomes have improved and so probably have living standards. Thus the raising of the standard of living is closely tied to Economic growth. This generally signifies that the economy is wealthier and producing more, individuals are better off, and that living standards are higher. Economies need to make use if idle resources in order to grow. Once these have been utilized, an economy can only grow through increased productivity, i.e. grater output per person ( Sloman, Mark, 2000, pg 300). A more

Growth of the economy can be measured in several ways. One of the most common ways is by measuring the changes in GDP of the country. GDP (Gross Domestic Product) is the total value of goods and services produced in a country. As per Mankiw (2003), the long-run determinants of GDP are the factors of production, which are capital, labour and technology. The correlation is such that GDP grows when the factors of production increase or when the available technology improves.

There are numerous variables or characteristics employed to estimate the health or strength of an economy, known as macroeconomic variables. This can include the following:

The main objective of this paper is to identify that weather there is a direct relationship between the amount of education attained by the labor and economic growth i.e. the amount invested in the education of a labor will bring a significant change in the growth of GDP or its is not relation to the amount of education. And secondly its is to measure that there would be or identify if the education is causing a significant change in the GDP what are its causes or if it is not effecting the GDP or not giving a rise to the GDP what are its causes as well.