What generates economic growth?
What will be an ideal response?
The two key factors that generate economic growth are technological change and capital accumulation. Technological change allows an economy to produce more with the same amount of limited resources, Capital accumulation, the growth of capital resources including human capital, means that an economy has increased its available resources for production.
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One of the functions of money is to serve as a:
A. valuation tool. B. medium of exchange. C. sole way to make payments. D. completely fixed unit of measure.
The Bureau of Labor Statistics is part of the U.S. Department of Labor
a. True b. False Indicate whether the statement is true or false
Assets that a company might not be able to convert to cash quickly but that still have significant value (e.g., factory building, real estate, machinery) are known as
a. liquid assets b. hard assets c. corporate assets d. marketable securities e. none of these
The value added method of calculating GDP means
A. adding up the incomes of all businesses in a given year. B. adding up the difference between the sale price and the value of intermediate goods of each product at every stage of production. C. adding up the market values of all intermediate goods. D. calculating the percentage changes in the GDP between two years.