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Improving living standards is one of the main advantages because as the economy is growing there are more jobs available, stimulating higher employment levels, therefore people have more money to invest into buying houses. Disadvantages are that as the economy is growing so fast there may be the possibility of inflation. There is also the worry that because people are earning more they have more money to spend on cars therefore there is pollution being emitted into the atmosphere.
Economic growth is normally measured over the long term and is an indicator of how an economy is growing. “Economic growth is caused by improvements in the quality and quantity of the factors of production that a country has available, i...
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