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Economic Growth: Economic growth can be described as a measure through which the output of an entire economy grows or increases. Since this growth may be national, regional, or global, economic growth does not necessarily refer to growth in sales of any single industry or business. Economic growth is usually determined through various factors such as the Gross Domestic Product or Gross National Product. These measures of determining economic growth are considered on the basis of an economy’s income or output. In addition to these, there are other important factors that play a crucial role in economic growth, which is governed by principle. They include the government, competition, and internal and external factors whose role is crucial in economic growth and development. Principle of Economic Growth: Business growth and economic cycle are processes that are primarily driven by similar microeconomic variables from a theoretical perspective. Generally, these processes are driven by the relations between economic fluctuations. A business cycle is usually a by-product of fluctuations that an economy experiences within a period of time due to changes in economic growth (“The Business Cycle”, n.d.). Consquently, understanding business cycle is essential in macroeconomics since it helps economists to identify and prepare for future economic events. A business cycle primarily describes changes in the demand-size of the economy, which is usually measured by Gross Domestic Product. As economic growth occurs, business cycles occur since the Gross Domestic Product does not remain the same and changes because of economic and non-economic reasons. The economic reasons include changes in governmental policies like interest rates and... ... middle of paper ... ... top management, employee involvement, organizational planning, and widespread understanding of the need to change. These strategies seem to follow some steps in Kotter’s change model for managing organizational change. The strategies have primarily focused on the introduction and management of the change through all stages and departments of the firm. However, they do not incorporate strategies on how the effectiveness of the change will be determined once implemented. Therefore, the strategies are relatively limited to implementing change rather than the entire process of making the change effective. The benefit of this evaluation is that it highlights some of the important things to consider in implementing change. However, the evaluation mainly focuses on examining the drawbacks of the proposed strategies instead of how effective these strategies would be.

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