Economic Growth: a positive change in the level of production of goods and services (1). it also men increase in per capita GDP.
Factors that contribute to economic growth:
Increase in the labour force
Increase in productivity
When injections are greater than leakages
I + G + X > S + T + IM
(1) Dr. S. Powers, "Goals" notes, slide 9, January 16, 2012 Other factors that contribute to Economic Growth:
-Increase in Natural Resources
-Increase in Real Capital(more investment spending)
-Increase in Technology(more R/d by companies/government)
-Quantity and Quality of Labour.(increase in population( more people in the country means more workers), increase in human capital(the accumulated skills and knowledge of human beings), increase in labour productivity(amount of output produced per worker in a certain amount of time).
Population growth is beneficial to the economy when workers produce more than they consume nd there is increase in worker productivity.
Dr. Stephanie Powers, "Economic Growth" notes, Slide #3, Winter 2012.
Economic Growth: a positive change in the level of production of goods and services (1). it also men increase in per capita GDP.
Factors that contribute to economic growth:
- Increase in the labour force
- Increase in productivity
- When injections are greater than leakages
- I + G + X > S + T + IM
(1) Dr. S. Powers, "Goals" notes, slide 9, January 16, 2012Other factors that contribute to Economic Growth:
-Increase in Natural Resources
-Increase in Real Capital(more investment spending)
-Increase in Technology(more R/d by companies/government)
-Quantity and Quality of Labour.(increase in population( more people in the country means more workers), increase in human capital(the accumulated skills and knowledge of human beings), increase in labour productivity(amount of output produced per worker in a certain amount of time).
Population growth is beneficial to the economy when workers produce more than they consume nd there is increase in worker productivity.
Dr. Stephanie Powers, "Economic Growth" notes, Slide #3, Winter 2012.