The day to day living conditions of today are much different

The day to day living conditions of today are much different than they were in the 20th century. Charlie, doing some web searching with Stumble Upon, discovers that more houses today (as compared to houses in the 20th century) have electricity (for his video games). air conditioning (which he is thankful for, since he lives in the sweltering heat of Taxes) and a car (which allows him to go to cafes to study economics easily, because he is too lazy to ride his bike). What changed between the early twentieth century and present day that allowed this to happen? There have not been any recessions, allowing americans allowing Americans to prosper and earn more money. Market failures are non-exixtent. There has been economic grown in our society. The invisible hand has guided all nations around the world to this prosperity. In what field do researchers focus on investigating the phenomena described above? Business Political Economics Sociology

Solution

There has been economic growth in our society

Economic growth leads ot avaialbility of more and more goods and services in our economy. In other words, it is an increase in the capacity of aneconomy to produce goods and services, compared from one period of time to another. Economic growth can be measured in nominal terms, which include inflation, or in real terms, which are adjusted for inflation.

Economics

According to Paul Sameulson, “Economics is the study of how men and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future amongst various people and groups of society”.