Economic growth and it effect on the standard of living - page 3.

Faisal2202

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Quote from: TEBTC on March 20, 2024, 04:24:12 AM

When ever there's an economic growth there is always a creation of jobs and new opportunities for the population thereby translating to creation of wealth of the population

I would say the the same words but in opposite sequence, because when new opportunities are being found by entrepreneurs and then an enterprise is established, it brings more job creation, more infrastructure development, and there is a lot to mention, and in the end economic growth happens. So I would economic growth is not an increase in the product of goods and services but due to goods and services there is economic growth.

Quote from: TEBTC on March 20, 2024, 04:24:12 AM

Guys what do you think about economic growth as it affects standard of living let discuss

Is this a real question, as we all know economic or national growth is affected when the standard of living of a person increases or lifestyle gets better due to employment, good salaries, better options for better jobs, strict industrialization environment, etc. The main reason is how the government is assuring economic growth, especially in developing countries.

btc78

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As the economy prospers, so does the cost of living in that country or area. Which could be a problem for those not so rich people. Many would argue that it’s the citizens’ fault if they are being left behind and cannot catch up to the growing economy but I think the government needs to put in extra effort for them so that they can generate as much income (as close as possible) as those in the upper classes. We wouldn’t want too much of a divide in the social classes, do we? Because it will surely be emphasized with a growing economy

Fill_IPO

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Are we discussing real economic growth in a free market, or the fake kind fueled by central bank intervention? Both can create jobs short-term, but only one is healthy long-term.

Raflesia

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Consciously or not, economic growth has a huge impact on a person's standard of living where it becomes a natural condition when someone tries to adjust their standard of living to the economic level they have because in the end we must have an economic standard according to what we can do and sometimes it is possible to have the best economic standards that match the finances we have in the end.

Actually this becomes a situation where sometimes it will be a good thing if we can treat this well but on the other hand it can turn into a condition that sometimes has a worse impact if we cannot manage our standard of living well because when the economic improvement we have sometimes raises the ego where we actually want to appear more because we have prestige considering our economic level is getting better.
I think almost all of us have felt the same way when our economic level starts to rise, it will make us forget ourselves and make us become less controlled because we cannot limit ourselves and are more concerned with prestige.

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If you ask me this question my personal opinion will be yes economy growth sometime have effects on the standard of living. Every thing has both bad and good side, some have more and some have less In this case economic growth improves the standard of living in most of the countries as well as increasing the cost of production increases the daily suffering of the people in this case those who are unemployed have to suffer while leading their lives.

Stepstowealth

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Quote from: TEBTC on March 20, 2024, 04:24:12 AM

Guys what do you think about economic growth as it affects standard of living let discuss

In a country where the economy is working well, the standard of living of anyone living there will be good because whatever business anyone gets involved with, it will flourish as there are many customers with enough purchasing power. If a business person is able to make enough profits from their business, they will be able afford better accomodation, better clothes and others, thus raising their standard of living. That is how economic growth can affect the standard of living.

jasonjm

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Long-term economic growth is often associated with an improved standard of living. Economic growth results in an increase in business activity and increased foreign direct investment, which creates more jobs. When you have money, you can buy anything, and when your country is performing well, you can get those items cheaply.

The best way to understand economic growth's impact on quality of life is to compare the living standards of developed countries with those of underdeveloped countries. What is considered a privilege in third-world countries is a basic right in developed countries. This is what the economic growth's impact on the standard of living means.

Coin_trader

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Quote from: TEBTC on March 20, 2024, 04:24:12 AM

Economic growth growth is an increase in the production of goods and services of a nation

Effect on the living standard of a population can't be overemphasized as it has an impact on the living standard of any country

When ever there's an economic growth there is always a creation of jobs and new opportunities for the population thereby translating to creation of wealth of the population

Guys what do you think about economic growth as it affects standard of living let discuss

I believe the most common effect of economic growth to standard of living is the people have a good source of income that makes them spend frequently. A noticeable sign that an economy is growing was there’s a lot of job opportunities available due to increased of country investment, production and other source of income for the country.

People will have more money to spend while they are being paid properly for their work done or simply the salary rate is much higher compared to other country(except China because they are heavily populated).

Kelward

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For a better standard of living in any country, there has to be economic growth, both on the micro and macro levels, if individuals are productive and their government provides basic amenities and enabling environment for commerce to thrive, them there'll be prosperity in that economy. But in a situation where there's no enabling environment for businesses to grow, example is where there's conflicts and wars, where there's corruption in government and they don't provide basic amenities like electricity, accessible roads and empower small businesses with easy access to loans, them there'll the standard of living in such countries will drastically reduced.

DeathAngel

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It’s often associated with improvements in the standard of living. When the economy grows businesses expand which created more job opportunities & higher incomes. This leads to increased purchasing power, improved access to goods & services plus higher living standards for individuals & households. Economic growth also enables governments to invest in infrastructure, education & healthcare further enhancing the quality of life for citizens. Economic growth does definitely play a crucial role in improving the standard of living.

TEBTC

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Economic growth growth is an increase in the production of goods and services of a nation

Effect on the living standard of a population can't be overemphasized as it has an impact on the living standard of any country

When ever there's an economic growth there is always a creation of jobs and new opportunities for the population thereby translating to creation of wealth of the population

Guys what do you think about economic growth as it affects standard of living let discuss

Topic: Economic growth and it effect on the standard of living - page 3. (Read 493 times)