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Buildig an economy

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Building an Economy
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Introduction
Building a strong economy is one of every nation's major goals and objectives because
the economy is its backbone. A country's economy has an immediate and lasting effect on nearly
every citizen; thus, all countries typically strive to ensure that their economy is growing and
flourishing. Growth in the economy shows that there has been an increase in the real GDP, which
includes an increase in the value of national output, income, and expenditure. Growth in the
economy can present several benefits such as better education, reduced poverty, increased
expectancy, higher incomes, and improved government finances. When a country experiences
economic growth, consumers are able to consume more products and services and enjoy
improved standards of living due to the provision of higher average incomes. Building a strong
economy prevents the government from borrowing many funds because it sets greater tax
revenues, preventing the necessity to spend more cash on benefits like unemployment benefits.
The economy's growth also promotes investments and increased research and development in a
country because various firms are encouraged to invest to meet future demand.
Government planning in building an economy
The government plays various roles in economic planning and development. Economic
planning is considered the major activity of the modern welfare states and other developing
economies because it involves setting objectives of economic development that are expected to
be attained after a certain period. The government should take part in planning in order to attain
the goals of economic development through a holistic method by considering social, economic,
political, and geographical factors of the nation. Economic development occurs when simple and
low-income national economies are changed into modern industrial economies. The roles of the

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1 Building an Economy Name Institution Affiliation Course Date 2 Introduction Building a strong economy is one of every nation's major goals and objectives because the economy is its backbone. A country's economy has an immediate and lasting effect on nearly every citizen; thus, all countries typically strive to ensure that their economy is growing and flourishing. Growth in the economy shows that there has been an increase in the real GDP, which includes an increase in the value of national output, income, and expenditure. Growth in the economy can present several benefits such as better education, reduced poverty, increased expectancy, higher incomes, and improved government finances. When a country experiences economic growth, consumers are able to consume more products and services and enjoy improved standards of living due to the provision of higher average incomes. Building a strong economy prevents the government from borrowing many funds because it sets greater tax revenues, preventing the necessity to spend more cash on benefits like unemployment benefits. The economy's growth also promotes investments and increased research and development in a country because various firms are encouraged to invest to meet future demand. Government planning in building an economy The government plays various roles in economic planning and development. Economic planning is considered the major activity of the modern welfare states and other developing economies because it involv ...
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