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.
What occurs to economy, when credit availability is limited and credit is made costlier? Answer: Aggregate demands falls
What points out zero primary deficits? Answer: Zero primary deficits signify that the government has to resort to borrowings simply to make interest payments.
What are the strength and weakness of using per capital national income? give explained answer for query
A country’s balance of trade is Rs. 75 crores. The value of imports of goods is Rs. 100 crores. What is the value of exports of goods?
Economists agree that inflation beyond a moderate rate is undesirable as it can often prove disastrous and therefore, it must be kept under control. Economists agree also that an appropriate mix of fiscal and monetary policies can be helpful in controlling inflation.
Whenever people can’t purchase all of a good they are willing and capable to pay for at present market price, there is surely a market: (1) Price ceiling. (2) Price floor. (3) Shortage. (4) Anomaly. (5) Surplus. Please
I have a problem in economics on Change in real income when price fall. Please help me in the following question. When gas prices drop from $2.65 to $2.45, the biggest change in real income is realized by: (1) Harry Hustler who drives his 1995 Lincoln 200,000 miles/ye
Ideas in which organization is involved: Talking about the growth of any company. There are basically three type of broad ideas in which management of any organization is involved. These are: 1. Corporate Strategy<
When the U.S. furniture market is primarily in equilibrium at point e on S0D0 and then Chinese manufacturers start exporting more furniture to the United States, then this market would shift towards a new equilibrium at: (1) point a. (2) point b. (3) point c. (4) poin
What relationship does the MPC bear to the size of the multiplier? The MPS? What will the multiplier be when the MPS is 0, .4, .6, and 1
18,76,764
1946536 Asked
3,689
Active Tutors
1448789
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!