ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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macroeconomic stability
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political stability
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educational standard
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barriers to trade
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Detailed explanation-1: -Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity (output per hour worked) of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income.
Detailed explanation-2: -Land is generally considered one of the most important factors of production. Certain industries rely on land more than others.
Detailed explanation-3: -Economically, privatization at the micro-level tends to increase efficiency, quality, range of choices, innovation, reduces cost & prices, and ultimately raises the profits of the firm. These can be further downloaded into, high incentives, lesser political interference, healthy competition, and reinvestment.
Detailed explanation-4: -Natural Resources. Natural resources are the number one factor that spurs economic growth. Deregulation. People were meant to trade with each other. Technology. Technology has always played a pivotal role in economic growth. Human Resources. Infrastructure.