Answered: The following public policies can…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 6SCQ: What policies can the government of a free-market economy implement to stimulate economic growth?

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Question

1) The following public policies can facilitate economic growth in an economy. Give a definition for each policy.

a. Distributive

b. Redistributive

c. Regulatory and substantive policies

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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Concept of public policy- The combination of laws, actions, regulations, policies, and other factors related to a given topic is public policy.

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