ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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natural resources
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human capital
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entrepreneurs
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capital humans
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capital goods
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Detailed explanation-1: -The correct answer is Human resources. Economic growth means more output. Economic development is the technical and institutional setup by which such output is produced and distributed. Human Resource is not taken as a factor among the non-economic factors which contribute to economic growth.
Detailed explanation-2: -Answer and Explanation: The following is not a factor in economic growth: Full employment.
Detailed explanation-3: -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-4: -Human capital and economic growth have a strong correlation. Human capital affects economic growth and can help to develop an economy by expanding the knowledge and skills of its people. Human capital refers to the knowledge, skill sets, and experience that workers have in an economy.
Detailed explanation-5: -Accumulation of capital stock. Increases in labor inputs, such as workers or hours worked. Technological advancement. 01-Jun-2015