1. What is Meant by Economic Growth?
In addition, as an economy grows, governments are able to collect more tax revenue without increasing tax rates, which allows hem to allocate money to health services and education in the public sector, which improves the standard of living. ... This occurs as if people's incomes are extremely higher than what they were before, they would have more money to spend on their wants and needs. This causes the demand to increase on certain products, which leads to the RPI to increase drastically. ... This is as it can cause pollution, as per capita income increases, pollution increases. ... Als...
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- Grade Level: Undergraduate