--%>
Assignment Help - homework help

Supply factors in economic growth

Briefly explain the four supply factors in economic growth?

E

Expert

Verified

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.

   Related Questions in Macroeconomics

  • Q : Origin of scarcity problem for each

    Can anybody suggest me the proper explanation for given problem regarding problem of scarcity in economics generally. The problem of scarcity means that the origin for each economic activity is to: (v) facilitate s

    		•
  • Q : Problem of Financial Capital for direct

    The direct economic resources a farmer employs to generate avocadoes would not comprise: (I) human capital in form of expertise regarding growing avocadoes. (II) fertile land. (III) loans from a bank to finance SUCH year’s crop. (IV) machinery,

    		•
  • Q : Principles of macro economics what are

    what are the four supply factors of economic growth

    		•
  • Q : Problem on full employment level of

    What happens when AD > AS past to full employment level of employment?

    		•
  • Q : Adaptive expectations & Rational

    Question: Compare and contrast 'adaptive expectations' (Hubbard uses adaptive expectations)  and 'rational expectations' in modeling expectations. Answer:<

    		•
  • Q : Problem on superior or luxury goods The

    The Income effects will be most strongly positive for: (1) Normal goods. (2) Necessities. (3) Superior or luxury goods. (4) Substitutes and much negative for the complements. Find out the right answer from the above options.

    		•
  • Q : Problem on full employment Does full

    Does full employment take place if AD = AS or S = I?

    		•
  • Q : Another name of macroeconomics What is

    What is another name of macroeconomics? Answer: Income theory

    		•
  • Q : Elasticity of brain power When doubling

    When doubling your viewing of soap operas to 16 hrs per week reasons your IQ score to drop/fall from a mastermind level of 140 to a sluggish 70, your TV elasticity of brain power will be: (i) + 1.0. (ii) zero. (iii) – 1.0. (d) +0.5. (e) -0.5.

    		•
  • Q : Problem on diminishing marginal utility

    An illustration of how marginal utility diminishes takes place when: (1) Derek finds it tough to laugh politely when he hears a “new” joke for the fourth time now. (2) Amy Sue chooses she would instead have 150 hogs than 151 on her pig far

    		•