ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Increased investment
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Improved technology
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Increased labour productivity
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Less investment in education
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Detailed explanation-1: -The correct answer is Technocrats and Bureaucrats. Technocrats and Bureaucrats are NOT a major factor of economic growth.
Detailed explanation-2: -Investment in education and on-the-job training helps to impart these skills and enhance the knowledge base and thus helps in the absorption of new technologies which leads to higher production and thus economic growth.
Detailed explanation-3: -Understanding Economic Growth In simplest terms, economic growth refers to an increase in aggregate production in an economy, which is generally manifested in a rise in national income. 1 Often, but not necessarily, aggregate gains in production correlate with increased average marginal productivity.
Detailed explanation-4: -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.