Benefits of Economic Growth
Economic Growth means an increase in real GDP. This increase in real GDP means there is an increase in the value of national output / national expenditure.
The Benefits of economic growth include:
- Higher Incomes,. This enables consumers to enjoy more goods and services
- Lower unemployment With higher output firms tend to employ more workers creating more employment.
- Lower Government borrowing. Economic growth creates higher tax revenues and there is less need to spend money on benefits such as unemployment benefit.
- Improved public services. With increased tax revenues the govt can spend more on the NHS and education e.t.c.
- Money can be spent on protecting the environment
See aslo: Should Government Increase the Rate of Economic Growth?
Essays and Revision Notes on Economic Growth
- Economic Growth Notes
- Benefits of Economic Growth
- Causes of Economic Growth
- Causes of Recessions
- Costs of Economic Growth
- The Great Depression 1929-1939
- Recessions
- Trade Cycle
- UK Recession 1980-81
- UK Recession 1991-92
- Supply Side Policies
- Supply Side Policies in the UK
- Aggregate Demand
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