ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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capital goods
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human capital
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(Entrepreneurship)
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natural resorses
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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: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.
Detailed explanation-3: -The term human capital refers to the economic value of a worker’s experience and skills. Human capital includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.
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.