ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Quality of education improved
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Better technology used
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Household’s income level increase
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Discovery of new resources
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Detailed explanation-1: -The four main factors of economic growth are land, labor, capital, and entrepreneurship.
Detailed explanation-2: -The correct answer is b. The discovery of new technology contributes to economic growth. New technology, especially one which increases production and output, contributes significantly to economic growth. This is because an increase in production or output increases economic growth.
Detailed explanation-3: -Accumulation of capital stock. Increases in labor inputs, such as workers or hours worked. Technological advancement. 01-Jun-2015
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.