Before being introduced by the chapter, what did you know about economic growth

Question

Before being introduced by the chapter, what did you know about economic growth in the . United States and around the world? What are some of the key reasons for the growing economic growth disparity (and therefore, income) between industrialized and developing countries? Which institutions lead or inhibit economic growth and how do these institutions affect the economy? Discuss and evaluate government policies that promote economic growth. Explain how small differences in growth rates can lead to large differences in living standards How do these concepts and the assigned reading relate to our principles (such as demand and . supply, optimization, etc.)? Be specific. You must explain how the concept(s) and readings introduced directly apply to the principles. Which concept(s) is (are) most important or useful to you personally? Briefly explain why. Did the media help you understand the concepts in the chapters? Why or Why not? .

Explanation / Answer

1.US economy:.   The economy of the United States is a highly developed mixed economy.The nation's economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity. It has the second-highest total-estimated value of natural resources, valued at $45 trillion in 2016.Americans have the highest average household and employeeincome among OECD nations, and in 2010, they had the fourth-highest median household income, down from second-highest in 2007. The United States has held the world's largest national economy (not including colonial empires) since at least the 1890s.] It is the world's third-largest producer of oiland natural gas.In 2016, it was the world's largest trading nation] as well as its second-largest manufacturer, representing a fifth of the global manufacturing output.The U.S. also has both the largest economy and the largest industrial sector, at 2005 prices according to the UNCTAD.The U.S. not only has the largest internal market for goods, but also dominates the trade in services. U.S. total trade amounted to $4.92 trillion in 2016.Of the world's 500 largest companies, 134 are headquartered in the US.The U.S. has one of the world's largest and most influential financial markets. The New York Stock Exchange is by far the world's largest stock exchange by market capitalization The U.S. economy is ranked first in international ranking on venture capitaland Global Research and Development funding.Consumer spending comprised 71% of the U.S. economy in 2013. The U.S. has the world's largest consumer market, with a household final consumption The New York Stock Exchange is by far the world's largest stock exchange by market capitalization.Foreign investments made in the U.S. total almost $2.4 trillion,while American investments in foreign countries total to over $3.3 trillion.The U.S. economy is ranked first in international ranking on venture capitaland Global Research and Development funding. World economy:.   

Political and economic reforms, which have made headlines around the world, have supported this economic growth. Increased consumer and investor confidence, and rising exports, have boosted the economy, argues the World Bank. However, inequality and poverty remain a significant problem across the country.

This is true for many of the world’s fast-expanding economies, which are typically not the biggest or most developed.

Growth of around 2% is projected across advanced economies this year and next. Japan is an exception to this, with April’s projection predicting growth of less than 1% this year and negative growth next year. Across the board, predictions have been lowered since January 2016.

Emerging markets are still expected to see strong growth, driven by India with over 7% and China with more than 6%. This despite China’s much publicized slowdown and economic transition. Indeed, the latest projections for China are an increase on January’s IMF figures.The outlook this year is for negative growth in Russia and Brazil, but this situation is expected to improve in 2017.

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