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2 pages/≈550 words
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APA
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Accounting, Finance, SPSS
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English (U.S.)
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ECO 202 Module 5 Case: Economic Growth and Human Capital

Essay Instructions:

Submit a 2  or  3 page paper that addresses the following questions. Be sure to use references within the paper to support your answers. Show work for all calculations.

  1.  (a.)  Suppose real GDP was $13.1 trillion in 2013 and $13.3 in 2014, what is the growth rate? (b.) How many years would it take for GDP (gross domestic product) to double (using your answer from part (a)?
  2. What are the sources of human capital? Discuss some specific examples.
  3. What is the law of diminishing returns? Give an example of what the law of diminishing returns implies.
  4. What happens when the government raises taxes and uses revenue to engage in spending?

Assignment Expectations

Use concepts from the modular background readings as well as any good-quality resources you can find. Be sure to cite all sources within the text and provide a reference list at the end of the paper.

Length: 3 pages double-spaced and typed.

The following items will be assessed in particular:

  • Your ability to understand what factors affect economic growth.
  • Some in-text references to the modular background material (APA recommended).
  • The essay should address each element of the assignment. Remember to support your answers with solid references including the case readings.

When your paper is completed, upload it to the Case 5 dropbox

Essay Sample Content Preview:

CASE: Economic Growth
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CASE: Economic Growth
Economic growth is affected by many factors such as human capital and technological progress. Different countries experience difference economic growth in different times. It is not easy to compare the economic growth of two countries because of the different factors that contribute to the economic growth. To measure the economic growth of a certain economy, growth rate is used. Growth rate is the percentage change of the country’s real GDP (Gross Domestic Product) per capita (Pearson Education, 2015a). It is mainly used to measure the economic growth of a given country. Growth rate of a GDP is expressed by the following formula:
% change in GDP= (GDP in year 1- GDP in year 2)/GDP in year 1* 100%
For instance, suppose real GDP was $13.1 trillion in 2013 and $13.3 in 2014, the growth rate would be
% Change in GDP= (GDP in 2014- GDP in 2013)/GDP in 2013* 100%
= (13.3 trillion- 13.1 trillion)/13.1 trillion* 100%.
=1.527%
The Rule of 70 is used to determine the number of years it would take the GDP of given economy to double (Pearson Education, 2015a). The formula used to express the Rule of 70 is as follows:
Years it will take to double=70% growth rate
For example, for the above example, whose economic growth rate is 1.527%, the number of years it will take for that economy to double its rate of growth would be:
Years it will take to double=70 Percentage growth rate.
=70/1.527
=45 years
Human Capital is the skills, knowledge and ability of humans that has an economic value. Sources of human capital in an economy include investment in education, information, investment in training and migration. Investment in education and training adds skills and knowledge increases the productivity of labor. Increase in information is also a source of human capital in an economy. Information is very essential in the production of an economy. Migration into a certain country increases the labor force of that country’s economy. For example, if high educated peop...
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