ECONOMICS (CBSE/UGC NET)

ECONOMICS

TECHNOLOGY

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

In Country B, the government has offered incentives to companies that invest in improved technology and machinery in their factories. What factor of economic growth is the country working to improve?

A	capital goods
B	human capital
C	natural resources
D	entrepreneurship

Explanation:

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: -The rate of increase in the skills and capabilities of a workforce ultimately increases the economic growth of a country. Infrastructure development-Improvements and increased investment in physical capital such as roadways, machinery, and factories will increase the efficiency of economic output by reducing the cost.

Detailed explanation-3: -What Are the 4 Factors of Economic Growth? The four main factors of economic growth are land, labor, capital, and entrepreneurship.

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.

There is 1 question to complete.