Economic Growth

The Source of Economic Growth
Successful government implemented polices to achieve economic growth

Pre-module Assignment

Student Name: Kien
Class: BBS Fin 47A
Module Title: EPGE
Word Count:     1429
Table of Contents
1. Introduction 4
2. The source of Economic Growth 4
2.1 Supply of labour and labour productivity 4
2.2 Government policies 5
2.2.1 Fiscal Policy
2.2.2 Monetary Policy
3.   Singapore economic growth 6
3.1 Tax policy
3.2 Higher quality education
4. Conclusion 8
5. References 10
6. Plagiarism Certificate 11

  1. Introduction in Economic growth
Economic growth is an expansion of production possibilities of goods and services produced by an economy over a period, transforming an impoverished into a prosperous nation. A short run in economic growth translates to an increase in real Gross Domestic Product (GDP), and in the long run is an increase in the maximum output of an aggregate goods and services of an economy can produce . (Parkin, 2014)
There are four factors of production that determine a country’s GDP in a given period that are natural resources, human capital, capital goods and entrepreneurship. Potential GDP represent the value of real GDP when all factors of production entirely employed. (Parkin, 2014)
Economic growth is desirable by all the governments as it has many advantages in modern life such as more factors of production, higher employment levels, reduced poverty and a higher standard of living. There is also disadvantages for some of the policies to be implemented to achieve economic growth.
Singapore is one of the prosperous countries since independence in 1965. This report will be discussing on the sources of economic growth and how Singapore government has implemented some of the policies to achieve economic growth.

  2. The Sources of Economic Growth
2.1 Supply of labour and labour productivity
The growth of the...