Economics Qz
ANSWER
Numerous variables that interact in intricate ways affect a nation’s economic progress. These variables can be broadly divided into three categories: institutional variables, supply-side variables, and demand-side variables. To learn more about the primary factors influencing economic growth, let us examine each of these categories in greater detail:
1. Supply-Side variables: Supply-side variables concentrate on an economy’s capability for production. These variables determine the amount and caliber of goods and services a nation can create. Important components include:
A trained and educated workforce is essential for economic expansion. Employees can become more creative, innovative, and market- and technology-adaptive through education and training.
b. Physical Capital: The productivity and efficiency of the manufacturing process are improved by adequate infrastructure, which includes transportation networks, communication systems, energy supplies, and production facilities.
b. Technological Progress: Technological progress results in Increasing productivity and efficiency. Investments in innovation, R&D, and the uptake of new technologies all significantly contribute to economic growth.
QUESTION
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What are the main factors that contribute to economic growth in a country?
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