ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Trade
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Technology
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Productivity
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None of the above
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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: -There are many factors that impact a country’s productivity. Such things include investment in plant and equipment, innovation, improvements in supply chain logistics, education, enterprise, and competition.
Detailed explanation-3: -With growth in productivity, an economy is able to produce-and consume-increasingly more goods and services for the same amount of work. Productivity is important to individuals (workers and consumers), business leaders, and analysts (such as policymakers and government statisticians).
Detailed explanation-4: -More competition. One solution to the productivity slowdown on which there was broad consensus was the need to enhance competition. Better skills. Smarter R&D funding. Focus on low-hanging fruit. 20-Sept-2016