Question
Paraphrase these paragraphs!! Don't use paraphrasing tools!! Do not copy anything from other Chegg answers!! 1. Economic Growth refers to the rate of increase in
Paraphrase these paragraphs!! Don't use paraphrasing tools!! Do not copy anything from other Chegg answers!!
1. Economic Growth refers to the rate of increase in the total production of goods and services within an economy. Economic growth increases the productivity capacity of an economy, thereby allowing more wants to be satisfied. A growing economy increases employment opportunities, stimulates business enterprise and innovation. A sustained economic growth is fundamental to any nation wishing to raise its standard of living and provide a greater well-being for all. Gross domestic product (GDP) is the monetary value of all final goods and services produced over a year. It is the total value of production within the economy. A more reliable measure of economic growth is real GDP per capita; this measurement takes into account both the total production of the nation and the total population. In this paper, I will analyze the variables to see if they have a positive correlation with the GDP.
2. There are many theories about how economy works, and which variables must be analyzed so to keep prompt insight on economic trends. It is debated how to conduct forecasting research in macroeconomics field and scholars fundamentally divide in two main clusters, based on the adopted research methodology. In the study conduct by Nyman and Ormerod [2], which we take as the main example on the methodology adopted in our case study, they focus on short-term forecast of real GDP growth for US and UK both with a statistical approach by using Ordinary Least Squares (OLS) regression and Random Forest (RF) ML technique by demonstrating how the latter guarantee more accuracy, especially in the great recession.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started