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Economic development of Great Britain

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Economic development of Great Britain

I would like you to tell about economic development of Great Britain. GB is highly developed industrial country. One of the principle industries of GB is shipbuilding. Coal is the main source for the development of Britain industry. The biggest centers of iron and steel are Newcastle, Glasgow, Sheffield and the district around Birmingham is a land of factories and mines. Coal-mining, metallurgy, textile, shipbuilding are the older branches of GB industry. The new industries are the chemical, electro-technical, automobile, aviation and electronics. Big cities and towns such as London, Manchester, Liverpool and others, have enterprises of all new and old branches of industries. Cotton and woolen industries situated in Leeds, Bradford and Manchester. The biggest ports are London, Liverpool, and Glasgow. Agriculture is one of the largest spheres of economic development in GB. Automobile, textile, machinery, electronic equipment products of economy are exported to many foreign countries in the world.

^ Money and its functions.

I would like you to tell about money and its functions. So, all values in the economic system are measured in terms of money. We can sold and buy goods and services for money. Some time ago there was not paper money, you could buy and sold anything for valuable metal (such as gold, silver and copper). These metals were universally regarded as very valuable metals, especially gold. And there existed so-called “gold-stander”. Nowadays valuable metal has replaced by paper notes. Paper notes are issued by governments and authorized banks and known as “legal-tender”. Cheques and money orders perform the function of substitute money. The value of money is known as a medium of exchange and has “purchasing power”. This power is dependent on supply and demand. The demand is related to the quantity of business and to the rapidity with which the business is done. The supply of money it is the actual amount in notes and coins available for business purposes. If too much money is available, its value decreases and its known as “inflation”.

^ Banking System

I would like you to tell about the Banking system. Banks are closely concerned with the flow of money into and out of the economy. Banks originated as places to which people took their valuables for safe-keeping. Banks normally receive money from their customers in two ways: on current and deposits accounts. Current account its account with no interest. And the deposit account is opposite to the current account, so the customer can get the interest. The banks lend the deposited money. Through this operation banks earn interest at a higher rate. In this way the banks make their main profits. The bank is a reservoir of loanable money, with steams of money flowing n and out. The system of banking sets upon a basis of trust. The parts of the banking system are bankers, depositors and borrowers.

^ How the price system determines the rate of economic growth.

The capital income increase of the nation’s rate depends on the resources growth rate and the rate of the efficiency increase with which they are used. First, consider the rate of society’s resources growth. The price system influences the amount society invests in education, training, upgrading its labour resources. Next, consider of the efficiency increase of the rate with which society’s resources are used. This fact depends heavily on the rate of technological change. If technology is advancing at a rapid rate, is should be possible to get more and more out of a society’s resources. The price system affects the rate of technological change in a variety of ways: it influences the profitability of investing in research and development, the profitability of introducing new processes and products into commercial practice, and the profitability of accepting technological change – as well as losses involved in spurning it. The price system establishes strong incentives for firms to introduce new technology. And if the any firm can find a cheaper way of producing better product, the firm will have a profitable jump on its competitors. Until its competitors can do the same thing, this firm can reap higher profits than it otherwise could. These higher profits will be competed away, as other firms begin to imitate this firm’s innovation.

Positive and normative economics.

In studying economics it is important to distinguish two branches of the subject. The first is known as “positive economics” the second as “normative economics”. Positive economics deals with objective or scientific explanations of the working of the economy. The aim of “positive economic” is to explain how society makes decision about consumption, production and exchange of goods. The purpose of this investigation is twofold to satisfy our curiosity about why the economy works as it does, and to have some basis for predicting how the economy will respond to changes in circumstances. Normative economics is very different. Normative economics offer precisions or recommendations based on personal value judgments.


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