top of page

Economic Growth vs. Living Standards Debate

Question

Discuss whether or not economic growth always increases living standards.

Category:

Economic Growth & Development

Frequently asked question

Preview Answer

I. 🍃Introduction
- Definition of economic growth
- Importance of economic growth

II. Reasons why economic growth might lead to higher output
- Enables people to enjoy more goods and services
- Increases employment and raises incomes
- Increases tax revenue
- Provides more and higher quality resources
- Improves healthcare and education
- Enables more resources to be devoted to improving environmental conditions

III. Reasons why economic growth might not lead to higher output
- Benefits may not be evenly spread
- Working conditions may decline and stress may increase
- Quality of output may be lower
- Expansion of heavy industries may create pollution
- Non-renewable resources may be depleted
- Economic growth may not be sustainable
- Increase in supply may not match increase in demand

IV. 👉Conclusion
- Summary of reasons for and against economic growth leading to higher output
- Importance of balancing economic growth with sustainability and equitable distribution of benefits.

Ops... End of preview!

Already purchased Economics Study Pack subscription? Amazing! Click below

What's included 
 
✔️Full essay
✔️Tips
✔️Diagrams
✔️Marking Schemes
✔️Examiner's report

Economics Study Help
bottom of page