ECONOMICS
ECONOMIC GROWTH
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Natural resources
|
|
|
Population growth
|
|
|
Favourable legislation
|
|
|
Capital accumulation
|
Detailed explanation-1: -Favourable legislation is a non-economic factor of growth. Economic growth depends on natural resources, population growth and capital accumulation.
Detailed explanation-2: -Detailed Solution. Non-economic factor influencing economic development: Human Resources: Human resources is named human capital because of its power to increase productivity and thereby national income.
Detailed explanation-3: -There are four major determinants of economic growth: human resources, natural resources, capital formation and technology, but the importance that researchers had given each determinant was always different.
Detailed explanation-4: -The main determinants of economic growth are : Natural resources. Human resources. Technology.