Supply factors in economic growth
Briefly explain the four supply factors in economic growth?
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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.
Define fiscal policy? Answer: Fiscal policy is the revenue and expenditure policy of government with a view to combat the state of inflationary or deflationary gap
When equilibrium moves from point a to point b in the figure shown below, the only market experiencing a rise in demand is illustrated in: (1) Panel A. (2) Panel B. (3) Panel C. (4) Panel D. Q : Fiscal Monetary changes With the With the general equilibrium framework in place, the stage is now set for introducing fiscal and monetary changes and analysing their effects on the general equilibrium. We will first introduce a fiscal change in the form of increase in deficit-financed expenditure, a
With the general equilibrium framework in place, the stage is now set for introducing fiscal and monetary changes and analysing their effects on the general equilibrium. We will first introduce a fiscal change in the form of increase in deficit-financed expenditure, a
Implication of Fiscal deficit A) It raise the supply of money in the economyB) It rises financial burden for future generation.C) It is the cause of inflation.
Cite examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit?
According to law of diminishing marginal utility, the longer that Lee and Chris kiss: (i) the less invested each will be in ongoing this relationship. (ii) The nearer they are to reaching their joined production possibilities frontier. (iii) The more
The demand for a resource will increase if the
What occurs to economy, when credit availability is limited and credit is made costlier? Answer: Aggregate demands falls
What must be added to NNPMP to obtain net national disposable income? Answer: The Net current transfers from abroad must be added to NNPMP to get national disposabl
(a) Do you think that macroeconomic policy should be designed to achieve a measured unemployment rate of zero?
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