Economic rejuvenation, often called economic growth is a prolonged period of fast economic growth (traditionally measured in terms of the GDP growth). Economic growth is the increase in the amount of the goods and services produced by an economy over time By some definitions, "fast" means that it is significantly faster than a potential growth as estimated by experts in macroeconomics. Macroeconomics is a branch of Economics that deals with the performance structure and behavior of a national or regional Economy as a whole By others, the growth higher than 3-4% per year is a sign of rejuvenation.
The term bears positive connotations, but often there can be negative externalities that accompany growth. In Economics, an externality is an impact on any party not directly involved in an economic decision For example, the potential growth may cause ecological hazards, e. g. , pollution of the environment as side-effects of fast growth. Pollution is the introduction of contaminants into an environment that causes instability disorder harm or discomfort to the physical systems or living organisms they are in
The notion of rejuvenation is often related to the activities of entrepreneurs and their drive to create a product or service in order to gain profit. An entrepreneur is a person who has possession over a company enterprise, or Venture, and assumes significant accountability for the inherent risks and the outcome In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need A service is the non-material equivalent of a good. A service provision is an economic activity that does not result in Ownership, and this is what differentiates
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Examples of Economic rejuvenation
PR China
In the 1980s, the Chinese politician Ren Zhongyi was one of the pioneers of free-market economic reforms [1] in the PR China, which he presided over in the southern province of Guangdong, today an export powerhouse driving China’s extraordinary economic rejuvenation. Ren Zhongyi ( Chinese: 任仲夷 September 1914— November 15, 2005) was a Chinese politician Guangdong’s proximity to Hong Kong and Macau, its long tradition of contact with foreign countries, and the experience of its people in trading are some of the supporting factors. Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders For a topic outline on this subject see List of basic Macau topics.
Economic dynamics
Other terms related to economic dynamics are:
References
- [1] Obituary in 'The Times' Online about Ren Zhongyi
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