economic growth

Topics: Ecology, Gross domestic product, Economics Pages: 4 (447 words) Published: August 10, 2015
South Africa faces the triple challenge of poverty, inequality and unemployment, according to a new report published by global aid and development charity, Oxfam The question is: Is South Africa Operationg in a safe and just space? It depends on the country’s ability to end social deprivation and manage environmental stress, enabling its people to live in a space where it is both safe and just.

the report says that an estimated 816.000 jobs could be created in the country by 2025 across the areas of natural resource management (biodiversity, water and land), electricity generation and pollution management. At the moment South Africa has one of the highest official unemployment rates in the world (25%) and is one the most unequal countries, with in coefficient of 0.69.

Over half of south africans live below the national poverty line and more than 10% live in extreme poverty, on less than $1.25 (15.85) per day.

What is economic growth?
Economic growth is an increase in the production and consumption of goods and services. It entails increasing population and/or per capita consumption. It is indicated by the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, which is called the GDP (Gross Domestic Products). Economic growth literally refers to an economy that is getting bigger, not necessarily one that is getting better.

The effect of economics growth on a community
The economy is a subset of the ecosystems that contain it. This fact is overlooked in business and economics textbooks, where the ecosystem is viewed as a subsystem of the economy, and the economy itself is portrayed as a circular flow of money between firms and households. The production of goods and services entails the conversion of natural resources, or “natural capital,” into consumer goods and manufactured capital. This explains why there is a fundamental conflict between economic growth and conservation of natural...
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