Tma05 - Connections Between Economic Growth, Wealth, Health and Happiness



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1. Contents 1

2. Introduction 2

3. The Economics of an Economy 3

4. Synopsis of the UK Economy 4 & 5

5. The Links between Economic Growth and Wealth 6

6. Wealthy to be Healthy? 7

7. Happiness 8

8. Conclusion 9

9. References 10


2. Introduction

This report sets out to examine the affect of economic growth on the wealth, health and happiness of global economies, local economies, households and as individuals.   Mainly concentrating on the UK economy but looking at examples from the global economy.

3. The Economics of an Economy

The economy is an intrinsic part of everyday life.   A virtual marketplace used for managing and controlling the manufacture of tangible and intangible items such as financial and insurance services from a variety of sources and then the distribution, trade and utilisation of those commodities.

An economy can be affected on a

    • microeconomic level – individual households, national and regional areas, companies, competition and monopolies which affect supply and demand but also

    • a macroeconomic level - by the country’s government looking at such issues as taxation, interest rates and inflation.   For example, in the UK we pay taxes in order that we then receive access to services such as healthcare, emergency services and education.

4. Synopsis of the UK Economy

The UK is amongst the most advanced countries in the world.   Its economy is made up of a number of national and regional economies:   Northern Ireland, Scotland, Wales, South East and South West, London, East, East and West Midlands, Yorkshire & Humberside and the North East and North West.     Gross value added (GVA) is used to calculate production for each national economy.

In the International Monetary Fund’s 2010 list of those countries with...