What, by consensus among economists, are the broad factors for economic growth?
Asked by maham237 @ in Business viewed by 273 People
Answered by maham237 @
Answer:
1. Technology.
2. Resources.
3. Institutions.
Explanation:
An economic growth can be defined as an increase in the market value of the finished goods and services produced by an economy in a particular country at a specific period of time. It is measured typically by the Gross Domestic Products (GDP).
Generally, economists are of the opinion that the economic growth and development of a particular country is determined by some critical factors.
By consensus among economists, the broad factors for economic growth are;
1. Technology: if well harnessed, technological advancement plays a vital role in the growth and development of a country's economy. An improvement in the application of technology implies that the same level of labor will increase productivity and thus, lowering the cost of economic growth and development.
2. Resources: this would help to boost the level of output or production being made available by a country through the discovery of more resources such as crude oil, land, gold, water, minerals etc.
3. Institutions: creation of institutions that would regulate, support and finance businesses would go a long way in advancing the economic growth and development of a particular country.
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