ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A bigger market for the country’s manufactured goods and services
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The ability to secure needed inputs for production
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Both of the above
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Neither of the above
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Detailed explanation-1: -Economic growth is an increase in the production of goods and services in an economy. Increases in capital goods, labor force, technology, and human capital can all contribute to economic growth.
Detailed explanation-2: -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-3: -There are two types of economic growth allocated in economic theory-intensive and extensive, in addition, as a part of an intensive, there is an innovative type of economic growth. Extensive type of growth is characterized by quantitative increase of use of one or more factors of production.
Detailed explanation-4: -It is measured in terms of improvement in the production of goods and services along with enhancement in quality of life within a country compared to previous years.
Detailed explanation-5: -There are three main factors that drive economic growth: Accumulation of capital stock. Increases in labor inputs, such as workers or hours worked. Technological advancement.