The given statement Introduction: Economic growth is the process which helps the country to increase their social well-being and political situation. It is also said to be the amount of services or good produced by the country per head over the period.

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Answer 1

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 2, Problem 1CTD

Summary Introduction

To evaluate: The given statement

Introduction:

Economic growth is the process which helps the country to increase their social well-being and political situation. It is also said to be the amount of services or good produced by the country per head over the period.

Expert Solution & Answer

Explanation of Solution

Discuss the given statement:

The given statement states that free market economies stimulate economic growth and state-directed economies stifle economic growth.

In a free market economy, the individual or private corporations have the right to own the property. In such an economy, those individuals or private corporations would work hard to improve their wealth, as they have the right of ownership. They would create new advertisement campaigns, develop new products, and innovate things. They will give their best to develop their wealth, which would stimulate the economic growth.

In state-directed economies, the individual or private corporations have no right to own the property. In such economy, individuals and the private corporations should work hard for the good of society and it will improve their personal wealth. They will not work hard for something that does not benefit them personally. Hence, this kind of economy will stifle the economic growth of the country or society.

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Students have asked these similar questions

1. What is economics, and how can you benefit from understanding basic economic concepts? 2. Compare and contrast the world’s major economic systems. Why is capitalism growing, communism declining, and socialism still popular?

Why are some countries able to catch up to a high economic growth level, while others tend to fall behind? Explain.

How do we take the effects of inflation out of GDP to compare economic well-being over time? .And how do we compare economic well-being across countries?

Answer 2

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 2, Problem 1CTD

Summary Introduction

To evaluate: The given statement

Introduction:

Economic growth is the process which helps the country to increase their social well-being and political situation. It is also said to be the amount of services or good produced by the country per head over the period.

Expert Solution & Answer

Explanation of Solution

Discuss the given statement:

The given statement states that free market economies stimulate economic growth and state-directed economies stifle economic growth.

In a free market economy, the individual or private corporations have the right to own the property. In such an economy, those individuals or private corporations would work hard to improve their wealth, as they have the right of ownership. They would create new advertisement campaigns, develop new products, and innovate things. They will give their best to develop their wealth, which would stimulate the economic growth.

In state-directed economies, the individual or private corporations have no right to own the property. In such economy, individuals and the private corporations should work hard for the good of society and it will improve their personal wealth. They will not work hard for something that does not benefit them personally. Hence, this kind of economy will stifle the economic growth of the country or society.

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Answer 3

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 2, Problem 1CTD

Summary Introduction

To evaluate: The given statement

Introduction:

Economic growth is the process which helps the country to increase their social well-being and political situation. It is also said to be the amount of services or good produced by the country per head over the period.

Expert Solution & Answer

Explanation of Solution

Discuss the given statement:

The given statement states that free market economies stimulate economic growth and state-directed economies stifle economic growth.

In a free market economy, the individual or private corporations have the right to own the property. In such an economy, those individuals or private corporations would work hard to improve their wealth, as they have the right of ownership. They would create new advertisement campaigns, develop new products, and innovate things. They will give their best to develop their wealth, which would stimulate the economic growth.

In state-directed economies, the individual or private corporations have no right to own the property. In such economy, individuals and the private corporations should work hard for the good of society and it will improve their personal wealth. They will not work hard for something that does not benefit them personally. Hence, this kind of economy will stifle the economic growth of the country or society.

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Answer 4

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 2, Problem 1CTD

Summary Introduction

To evaluate: The given statement

Introduction:

Economic growth is the process which helps the country to increase their social well-being and political situation. It is also said to be the amount of services or good produced by the country per head over the period.

Expert Solution & Answer

Explanation of Solution

Discuss the given statement:

The given statement states that free market economies stimulate economic growth and state-directed economies stifle economic growth.

In a free market economy, the individual or private corporations have the right to own the property. In such an economy, those individuals or private corporations would work hard to improve their wealth, as they have the right of ownership. They would create new advertisement campaigns, develop new products, and innovate things. They will give their best to develop their wealth, which would stimulate the economic growth.

In state-directed economies, the individual or private corporations have no right to own the property. In such economy, individuals and the private corporations should work hard for the good of society and it will improve their personal wealth. They will not work hard for something that does not benefit them personally. Hence, this kind of economy will stifle the economic growth of the country or society.

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Answer 5

Chapter 2, Problem 1CTD

Summary Introduction

To evaluate: The given statement

Introduction:

Economic growth is the process which helps the country to increase their social well-being and political situation. It is also said to be the amount of services or good produced by the country per head over the period.

Expert Solution & Answer

Explanation of Solution

Discuss the given statement:

The given statement states that free market economies stimulate economic growth and state-directed economies stifle economic growth.

In a free market economy, the individual or private corporations have the right to own the property. In such an economy, those individuals or private corporations would work hard to improve their wealth, as they have the right of ownership. They would create new advertisement campaigns, develop new products, and innovate things. They will give their best to develop their wealth, which would stimulate the economic growth.

In state-directed economies, the individual or private corporations have no right to own the property. In such economy, individuals and the private corporations should work hard for the good of society and it will improve their personal wealth. They will not work hard for something that does not benefit them personally. Hence, this kind of economy will stifle the economic growth of the country or society.

Answer 6

Chapter 2, Problem 1CTD

Summary Introduction

To evaluate: The given statement

Introduction:

Economic growth is the process which helps the country to increase their social well-being and political situation. It is also said to be the amount of services or good produced by the country per head over the period.

Expert Solution & Answer

Explanation of Solution

Discuss the given statement:

The given statement states that free market economies stimulate economic growth and state-directed economies stifle economic growth.

In a free market economy, the individual or private corporations have the right to own the property. In such an economy, those individuals or private corporations would work hard to improve their wealth, as they have the right of ownership. They would create new advertisement campaigns, develop new products, and innovate things. They will give their best to develop their wealth, which would stimulate the economic growth.

In state-directed economies, the individual or private corporations have no right to own the property. In such economy, individuals and the private corporations should work hard for the good of society and it will improve their personal wealth. They will not work hard for something that does not benefit them personally. Hence, this kind of economy will stifle the economic growth of the country or society.

Answer 7

Chapter 2, Problem 1CTD

Summary Introduction

To evaluate: The given statement

Introduction:

Economic growth is the process which helps the country to increase their social well-being and political situation. It is also said to be the amount of services or good produced by the country per head over the period.

Answer 8

Expert Solution & Answer

Explanation of Solution

Discuss the given statement:

The given statement states that free market economies stimulate economic growth and state-directed economies stifle economic growth.

In a free market economy, the individual or private corporations have the right to own the property. In such an economy, those individuals or private corporations would work hard to improve their wealth, as they have the right of ownership. They would create new advertisement campaigns, develop new products, and innovate things. They will give their best to develop their wealth, which would stimulate the economic growth.

In state-directed economies, the individual or private corporations have no right to own the property. In such economy, individuals and the private corporations should work hard for the good of society and it will improve their personal wealth. They will not work hard for something that does not benefit them personally. Hence, this kind of economy will stifle the economic growth of the country or society.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 2.3 - Prob. 1DYK Ch. 2 - Prob. 1CTD Ch. 2 - Prob. 2CTD Ch. 2 - Prob. 3CTD Ch. 2 - Prob. 4CTD Ch. 2 - Prob. 5CTD Ch. 2 - Prob. 1CDQ Ch. 2 - Prob. 2CDQ Ch. 2 - Prob. 3CDQ Ch. 2 - Prob. 4CDQ

The given statement Introduction: Economic growth is the process which helps the country to increase their social well-being and political situation. It is also said to be the amount of services or good produced by the country per head over the period.

Concept explainers

To evaluate: The given statement

Introduction:

Economic growth is the process which helps the country to increase their social well-being and political situation. It is also said to be the amount of services or good produced by the country per head over the period.

Explanation of Solution

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Chapter 2 Solutions

The given statement Introduction: Economic growth is the process which helps the country to increase their social well-being and political situation. It is also said to be the amount of services or good produced by the country per head over the period.

Concept explainers

To evaluate: The given statement Introduction: Economic growth is the process which helps the country to increase their social well-being and political situation. It is also said to be the amount of services or good produced by the country per head over the period.

Explanation of Solution

Want to see more full solutions like this?

Chapter 2 Solutions

To evaluate: The given statement

Introduction:

Economic growth is the process which helps the country to increase their social well-being and political situation. It is also said to be the amount of services or good produced by the country per head over the period.