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, to the south Korea, Qatar and Equat - Coursework ExampleIn the recent past years, the initiative of sustainable development intensification has led to development of supernumerary work outs 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 callable various sources. However, an increase in total demand is a short 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 fag forces, and quantity and quality of products and services will leave alone room for the long-term economic growth through a heightening in productivi ty (Nordhaus, 2001, p. 23). advancement or advancement in engineering science has been one of indicators of economic growth in various states. technical advancements in any country lead to a high and more productive economy of that devoted country, and this will accelerate economic growth. Every developing country and developed states demand 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 hardly a(prenominal) 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 modify their living standards. Consequently, these local and foreign investments will accelerate economic growth despite the fact that the bracing majuscule g oods 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 when 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 carcass constant. Economists usually say that capital deepening is one of the most significant and necessary forms of investment (Nordhaus, 2001, p.23). Uses of grunge and mineral resources are the major causes of economic growth in both developed and developing countries. victorian practice session 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 world or the discovery of fresh raw materials. Technological improvements can also facilitate or strangle economic growth (Friedman, 2005). Economic growth relies on investment and productivity, using available resources more efficiently and