Happy associates represent the company in a positive light, while dissatisfied members bring down the production curve.
The term economic growth is associated with economic progress and advancement. Economic growth can be defined as an increase in the capacity of an economy to produce goods and services within a specific period of time. In economics, economic growth refers to a long-term expansion in the productive potential of the economy to satisfy the wants of individuals in the society.
Apart from this, it plays a vital role in stimulating government finances by enhancing tax revenues. This enables the government to earn extra income for the further development of an economy. The economic growth of a country is possible if strengths and weaknesses of the economy are properly analyzed.
Economic analysis provides an insight into the essentials of an economy. It is a systematic process for determining the optimum use of scarce resources and selecting the best alternative to achieve the economic goal.
Moreover, economic analysis helps in assessing the causes of different economic problems, such as inflation, depression, and economic instability.
It is performed by taking into consideration various economic variables, such as demand, supply, prices, production cost, wages, labor, and capital. Meaning of Economic Growth: Economic growth can be defined as a positive change in the level of goods and services produced by a country over a certain period of time.
An important characteristic of economic growth is that it is never uniform or same in all sectors of an economy For example, in a particular year, the telecommunication sector of a country has marked a significant contribution in economic growth whereas the mining sector has not performed well as far as the economic growth of the country- is concerned.
Economic growth is directly related to percentage increase in GNP of a country. In real sense, economic growth is related to increase in per capita national output or net national product of a country that remain constant or sustained for many years.
Economic growth can be achieved when the rate of increase in total output is greater than the rate of increase in population of a country. In such a case, per capita increase in GNP would be 7. On the other hand, if the rate of increase in GNP and population is same then the actual growth of GNP would be zero, which implies that there is a decrease in per capita income.
As a result, there would be no economic growth. Therefore, in such a case, standard of living of people would not improve even when there is an increase in the total output of a country. However, such a growth is better than the stagnation of an economy. The economic growth of a country may get hampered due to a number of factors, such as trade deficit and alterations in expenditures by governmental bodies.
Generally, the economic growth of a country is adversely affected when there is a sharp rise in the prices of goods and services. Refers to one of the most important determinant of economic growth of a country. The quality and quantity of available human resource can directly affect the growth of an economy.
The quality of human resource is dependent on its skills, creative abilities, training, and education. If the human resource of a country is well skilled and trained then the output would also be of high quality.
On the other hand, a shortage of skilled labor hampers the growth of an economy, whereas surplus of labor is of lesser significance to economic growth. Therefore, the human resources of a country should be adequate in number with required skills and abilities, so that economic growth can be achieved.
Affect the economic growth of a country to a large extent. Natural resources involve resources that are produced by nature either on the land or beneath the land.Describe three important factors that contribute to changes in the health care industry.
Describe three important factors that contribute to changes in the health care industry. Propose three strategies that health care leaders can employ to lead their learning organizations in today’s turbulent environment.
Your initial post should be at least words. 5 Most Significant Factors That Contribute to Your Workplace Satisfaction by Monica Patrick Employees spend a lot of time together so work satisfaction is crucial.
“The single most important factor that affects customer satisfaction is employee satisfaction,” says Howard J.
Ross, president of a Maryland-based consulting firm. “Employees who feel satisfied and happy at their jobs naturally tend to be more helpful and considerate toward customers. Briefly describe the three important developmental factors in relationships and learning throughout the first 3 years of life.
What impact do you think they have on . Generally, the economic growth of a country is adversely affected when there is a sharp rise in the prices of goods and services. [paywall] Following are some of the important factors that affect the economic growth of a country: (a) Human Resource: Refers to one of the most important determinant of economic growth of a country.
A study sponsored by Wolters Kluwer states, "Trust has a significant impact on important organizational factors." The top five factors that contribute to satisfaction in the workplace depend.