Economic Growth Of A Country Discussion Assignment (Essay Sample)

Economic Growth of a Country
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ECONOMIC GROWTH OF A COUNTRY
Introduction
Economic growth is the increase some products and services in a period depending on the. This is measured by comparing the previous year GPN (gross national product) and the current year GPN. The Increase in the advancing technology, capital stocks, and advancement in the quality and level of literacy are considered to be the primary cause of economic growth. In additional factors such as the environmentally sound processes that are should be taken into account in Economic growth in the country.
The factors that create a favorable ground for the growth of the economy include the Natural Resources, Human Resource, Social and Political Factors, Technological Development, and Capital Formation.
Natural Resources involves resources that are produced by nature either beneath the land or on the land. The resource beneath the land like oil, metals, minerals These resources depend on the climate and the environment of the country if the climate and the environment are good the country will enjoy good growth than the countries with poor climate and less amount of natural resources. The utilization and the exploration of these natural resources depend on the human resource skill and abilities a country with skilled and literate workforce contributes to the growth of the economy. Examples of developed countries from the economic growth are United Kingdom, United State s, France, and Germany. Moreover, there are countries with small resources but high per capita income such countries include China, Japan, Saudi Arabia but their growth is high (Economics Discussion, 2017). Natural resources are the major factor of economic growth in developing countries.
Secondly Social and Political Factors Plays a critical role in the economic growth of a country. These social factors involve the traditions, customs, beliefs and values, which considerably contribute to the economic growth to an extent. According to Economics Discussion, (2017) society with shared beliefs and superstitions, the withstand the modern way of living. In such a case these become difficult strenuous. Apart from the social factors there are some political factors just like aid from the government in formulating and enacting various policies, have a significant part in economic growth. Therefore, the social and political factors contribute a bigger piece in promoting the growth of the economy.
Thirdly the capital formation is termed as the primary structure for producing and acquiring all the human-made product or elements; these involve the building, machinery, land, power, transportation, and communication medias. With enough capital, economic growth of a particular country will be uplifted, and the country will continue developing. Consequently, the fecundity of labor progresses, which eventually results in the increase in output and growth of the economy (Greiner, Semmler, & Gong, 2016). With a lot or enough capital country develops within a short period of time and these triggers the growth of the economy.