ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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high savings rates as a percentage of national income
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more efficient mechanisms for transmitting funds from savers to investors
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more emphasis on detailed government planning
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more openness to foreign trade and investment
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Detailed explanation-1: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy. How these factors are combined determines the success or failure of the outcome.
Detailed explanation-2: -Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology. Highly developed countries have governments that focus on these areas.
Detailed explanation-3: -Accumulation of capital stock. Increases in labor inputs, such as workers or hours worked. Technological advancement. 01-Jun-2015
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.