Supply factors in economic growth
Briefly explain the four supply factors in economic growth?
Expert
Economic growth refers to a rise in the amount of goods and services produced in a nation. It is typically measured by the GDP. The main 4 factors that determine GDP include human resources (labour), natural resources (like land, minerals, climate, water), supply of capital goods( these refer to the tools, machines used by labour to work and improve productivity) and lastly the technology. We can have higher degrees of each and have greater classification among these factors, but no production is possible without them even when we consider a single person Robinson Crusoe type economy humans need to work as labour to gather food. He needs stones/ tools to pluck fruits from trees. The technology involved is the angle at which the stone must be thrown to ensure that the fruit drops on the ground. So we can see that these 4 factors are essential in any economy.
Why change in stock is considered a portion of final expenditure? Answer: The Unsold stocks left with producers are supposed as purchased by the producers themselve
The market price you pay for each and every particular goods you purchase regularly is probably most closely associated with the last unit of each and every good’s: (1) Marginal utility. (2) Total utility. (3) Producer surplus. (4) Consumer surplus. (5) Economic
What is the difference between profit and producer surplus?
The consumer gains from being capable to purchase at a single price rather than paying all that the particular quantity of the good is subjectively worth are: (i) Adverse selections. (ii) Market exploitation. (iii) Consumer surpluses. (iv) Moral hazards.
Illustrate a point on consumption curve at which APC = 1. Answer: APC = C/Y = 1 is possible when C = Y, that is, Consumption is
What do you mean by the term Competitive market?
In saying that the present system of floating exchange rates is managed we mean that: IMF officials determine exchange rates on a day-to-day basis. countries that allow their exchange rate to move freely will lose their borrowing privileges with the IMF. the value of any IMF member's currency
Describe whether the sale of old scooter is comprised in national income?
Define the term Supply curve.
What is another name of macroeconomics? Answer: Income theory
18,76,764
1933222 Asked
3,689
Active Tutors
1449208
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!