In many countries, the government prioritises economic growth above all other concerns. Discuss the advantages and disadvantages of this.

Economic growth means a development in real GDP, which is an increase in the value of national output, income and expenditure. Many countries prioritize

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over other aspects. In

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essay, I will explain the advantages and disadvantages of

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practice.

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with benefits, economic expansion leads naturally to better average incomes. Its values indicate that consumers consume more goods and services and enjoy better standards of living.

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, GDP during the twentieth century was a major factor in reducing absolute levels of poverty and enabling a rise in life expectancy.

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, with higher output and positive economic growth, firms tend to employ more workers creating more employment.

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, as a limitation and a disadvantage, these enhancements can lead to the risk of inflation, which is the rise in aggregated demand resulting from economic expansion. To elaborate, if the

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orders in a market grow more quickly than the

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provided products, the economy will have an excess of demand but a lack of supply.

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puts the economy and the individuals in tough times. One of the most straightforward examples of inflation in action can be seen in the price of milk. In 1913, a gallon of milk cost about 36 cents per gallon. One hundred years later, in 2013, a gallon of milk cost $3.5, nearly ten times higher. In conclusion, GDP alone, despite its advantages, may not measure a nation's development or its citizens' well-being.

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,

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concerns need to be considered and studied in order to mitigate the effect of its disadvantages.