Economy, asked by Asessment2547, 1 year ago

Briefly mention the main benefits that economic growth confers upon society

Answers

Answered by sourav2001

1.Higher average incomes:- This enables consumers to enjoy more goods and services and enjoy better standards of living. Economic growth during the Twentieth Century was a major factor in reducing absolute levels of poverty and enabling a rise in life expectancy.

2.Lower unemployment:- With higher output and positive economic growth, firms tend to employ more workers creating more employment.

3.Improved public services:-With increased tax revenues the government can spend more on public services, such as the NHS and education e.t.c.

Answered by Afreenakbar

Answer:

Several benefits of economic progress for society include:

Increased standard of living: As the economy expands, so does the average household income, raising living standards. This enhances the quality of life by enabling individuals to afford better healthcare, education, and other essentials.
Job Creation: Economic expansion frequently results in the creation of new jobs, which lowers unemployment rates and increases salaries. This lessens inequality and aids in bringing people out of poverty.
Innovation and technological development: Economic growth creates an environment that fosters innovation and technological development, which boosts output and efficiency. New goods and services are then produced as a result, further promoting economic expansion.
Increase Tax Revenue: Tax income increases as a result of economic expansion, which the government can use to pay for social initiatives like infrastructure construction, healthcare, and education.
Increased international competitiveness: Economic growth boosts a country's international competitiveness by increasing exports and attracting foreign investment, leading to increased economic integration with the global economy.