10 Facts about Economic Growth
Facts about Economic Growth inform the readers with the increase of market value of services and goods. The conventional measurement of economic growth is spotted on the percent rate of increase in real GDP or real gross domestic product. The real terms will be used to calculate the economic growth. The national income accounting is also used to measure the economic growth in a certain country. Let us find out other interesting facts about economic growth below:
Facts about Economic Growth 1: the benefit and weakness
The measurement of economic growth using the GDP presents the weakness and benefit at the same time.
Facts about Economic Growth 2: the intensive growth
The intensive growth is seen when the inputs are efficiently used. The materials, energy, labor productivity and physical capital are included in the economic growth.
Facts about Economic Growth 3: the extensive growth
The extensive growth occurs due to the increase on the amount of input, which is available to use. The inputs include the new territory and increased population.
Facts about Economic Growth 4: who measured the economic growth?
The statistics agencies of a certain country will calculate the economic growth rate according to the estimated GDP data.
Facts about Economic Growth 5: the initial and final periods
The initial and final periods will be counted in the analysis to determine the rate of economic growth.
Facts about Economic Growth 6: the factors
A number of factors will be taken into account to decide the national income. The factors include participation rate, intensity, and demography and labor productivity. The latter one is an indicator, which usually rises from the development and innovation of technology.
Facts about Economic Growth 7: the economy in 19th and 20th
Since the mid-19th century, the growth of per capita economy has been spotted during the increased productivity. The factors, which increased the economy in 20th century, included the increased land, energy, materials, and output per unit of labor.
Facts about Economic Growth 8: the historical sources of productivity
Power, steel, highways, railroads, canals and automation were some historical sources of productivity.
Facts about Economic Growth 9: demographic factor
The demographic factor also affects the economic growth. In the past kids would join the industries to earn cash. Today, most of them are educated at school. The women now also join the labor for they have fewer kids.
Facts about Economic Growth 10: women in labor force
The participation of women in the labor force contributed to the growth of United States.
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