ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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investing in stocks
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trade
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imports
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increasing the four factors of production
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Detailed explanation-1: -It only comes by increasing the quality and quantity of the factors of production, which are the resources used in creating or manufacturing a good or service. Keep reading to learn more about these four factors-land, labor, capital, and entrepreneurship-and what makes them so important.
Detailed explanation-2: -The four components of gross domestic product are personal consumption, business investment, government spending, and net exports. 1 That tells you what a country is good at producing. GDP is the country’s total economic output for each year.
Detailed explanation-3: -In broad terms, an increase in real GDP is interpreted as a sign that the economy is doing well. When real GDP is growing strongly, employment is likely to be increasing as companies hire more workers for their factories and people have more money in their pockets.
Detailed explanation-4: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.
Detailed explanation-5: -Accumulation of capital stock. Increases in labor inputs, such as workers or hours worked. Technological advancement. 01-Jun-2015