Identify and explain the main causes of economic growth. b) Look at Coursework

Identify and explain the main causes of economic growth. b) Look at the country rankings of the UK, South Korea, Qatar and Equat - Coursework Example In the recent past years, the initiative of sustainable development intensification has led to development of additional factors such as environmentally sound process, which ought to be considered in the growth of an economy (Erikson & Stimson, 2002. p. 56). A factor that leads to an increase in total demand is one of the key causes of economic growth in any country. This can occur due various sources. However, an increase in total demand is a short-term cause. This is because whenever an economy of any country is at its full capacity, that country cannot produce any additional products or services to improve her economy. However, improvements or advancements in the labor forces, and quantity and quality of products and services will give room for the long-term economic growth through a heightening in productivity (Nordhaus, 2001, p. 23). Progression or advancement in technology has been one of indicators of economic growth in various states. Technological advancements in any country lead to a high and more productive economy of that given country, and this will accelerate economic growth. Every developing country and developed states have invested heavily in the technology industry in order to see their country economy grows quickly. According to Erikson and Stimson, advanced technology has improved service delivery and encouraged both local and foreign investments (Erikson & Stimson, 2002, P.56). There are few cases of unemployment in all countries with improved technology. This is because technological improvements have led to creation of job opportunities that see their citizens securing jobs and improving their living standards. Consequently, these local and foreign investments will accelerate economic growth despite the fact that the fresh capital goods or assets for example, machines, will be the exact source of the growth (Friedman, 2005). Deepening and widening capital is one of the causes of economic growth of a country. Capital widening takes place w hen investment rises and increases with the strengthening of the labor force. On the other hand, Capital Deepening takes place when capital increases while the labor force remains constant. Economists usually say that capital deepening is one of the most significant and necessary forms of investment (Nordhaus, 2001, p.23). Uses of land and mineral resources are the major causes of economic growth in both developed and developing countries. Proper utilization of mineral resources of a country depends heavily on government policies and regulations. Most of citizens in countries that have implemented strict policies have utilized their resources well, including land. Countries with double-digit economic growth have recorded proper utilization of their resources. In the economic growth globally, various countries have different situation and circumstances that are facilitating economic growth. For instance, the UK has a robust economy (Nordhaus, 2001, p.23). In the end, economic growth can take place due to increased capital, raised investment in new infrastructure, factories, increased labor productivity, and augment the working population or the discovery of fresh raw materials. Technological improvements can also facilitate or hinder economic growth (Friedman, 2005). Economic growth relies on investment and productivity, using available resources more efficiently and

Optional Essay Example | Topics and Well Written Essays - 1250 words - 4

Optional - Essay Example Shanghai city has drawn the attention of the globe because of the following reasons: it has one of largest and ever busy seaport, it has dynamically advanced in technology and it is the biggest financial and trade center of China (French, Paul & Matthew, 2010, Pg. 15). Its location is at 121Â °29 east longitude and 31Â °41 north latitude. On the literal ground, it is situated on the southward of river Yangtze and on the eastward side of the coast region of China. It is bordered by Zhejiang and Jiangsu provinces on the westward side and on the eastward direction there is a Sea, and on the south there is Hangzhou Bay (French, Paul & Matthew, 2010, Pg. 25). The city is centrally located along the coast of China. Its geographic location is central, and it is connected to various parts of China and also to the World. The rich connection aids commercial activities to take place in it and other places where it links. The availability of sea ports has increased local and international trade activities; it is playing a vital role in development of the global economy. Most of the land of shanghai is flat except some hill areas which are located on the southwest region. The city covers the alluvial plain which is served with water from river Yangtze. The p lains support agriculture that feeds the people of the city and other parts of the country. Shanghai city has many resources of water including rivers and lakes with it with water for both domestic, industrial and agriculture purposes (French, Paul & Matthew, 2010, Pg. 30). Shanghai city has the highest population in China. The number of people who permanently reside there are more than 23 million which comprise of 1.2% of the total population of China. The population density of the city is 2,060 per square kilometer. All the ethnic groups of China are represented in the Shanghai city with the minority group having a population of 105,523 people. Due to the development progress of Shanghai, the