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Impact of Rapid Economic Growth on Living Standards
Question
Discuss whether rapid economic growth always increases living standards.
Category:
Economic Growth and Development
Frequently asked question
Preview Answer
I. 🍃Introduction
- Definition of economic growth
- Importance of economic growth
II. Reasons why economic growth might be beneficial
- Higher income
- Increased tax revenue
- More spending on healthcare and education
- Improved job prospects
- Reduced pollution
III. Reasons why economic growth might not be beneficial
- Other influences on living standards
- Uneven distribution of growth
- Unequal distribution of income
- Unsatisfactory products
- Longer working hours and increased stress
- Environmental damage
IV. 👉Conclusion
- Weighing the pros and cons of economic growth
- Importance of considering the impact on all members of society
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