Economic growth is a sustained increase in the real value of national production over a period of time, usually one year. Negative side of economic growth: - EG is not the same as national progress. By focusing so much on economic growth, social problems may arise, such as a growing gap between the rich and the poor, rising crime rates, and a more "uncaring" society. - Inequality of income: no guarantee that the benefits of …
showed first 75 words of 350 total

showed last 75 words of 350 total
…living is decreased as a consequence. Benefits of economic growth: - increase in SoL, as measured by GDP - new jobs are created, unemployment declines - increase in tax revenue for the governments, so more can be spent in areas such as health and education - increase in asset wealth - increase in foreign investment - more business and consumer confidence, which may lead to more investment - more investment leads to "innovation and inventions".