Increased availability of goods and services can be demonstrated by using a supply curve. As economic growth increases, a country will increasingly open up to international trade. Competition from both domestic and foreign goods and services will lead to an increase in the supply of goods and services. This will drive the prices of goods further and further down. In addition to the above benefit, economic growth can lead to improved public services as offered by the government.
Sunday 8 January 2017
International comparisons
International comparisons by many scholars regarding quality of life have over the years tended to indicate a strong relationship between economic growth and quality of life. In essence, these comparisons have shown that there exists a positive relationship between gross domestic product and the living standards of individuals in a country. While this may be thought of as being true given many researches conducted by many scholars, historical experience tend to negate this belief.
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