ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economists use many different methods to measure how fast the economy is growing. The most common way to measure the economy is real gross domestic product, or real GDP. GDP is the total value of everything-goods and services-produced in our economy.

Detailed explanation-2: -An aggregate production function relates the total output of an economy to the total amount of labor employed in the economy, all other determinants of production (that is, capital, natural resources, and technology) being unchanged.

Detailed explanation-3: -The three sources of economic growth according to the growth accounting model are capital, labor, and technology. where Y is the total output, K is the total capital stock in the economy, L is the labor force, and A represents technology.

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.