Economic Groth

Economic GrowthIn any country , the government policies , institutions , and laws collaborate to arrive at a harvest-time infrastructure which coordinates enables , and encourages the economic behavior that results in the accumulation of human groovy , physical capital , earthy resources , and technology . These resources have a role in generating prolong long-run economic growthPhysical capital refers to the tools that argon used to leverage the productive ability of an average player . Physical capital includes transportation equipments , computers , machinery , and factories which facilitate the work of goods and services . They expand the content of an economy to produce goods in the future , thereby promoting economic growth (Jones , 2002Human capital refers to the numerous abilities that enable an average worker to apply and understand new , productive knowledge . An ontogenesis in the stock of human capital is achieved through gentility and on the job training .

This equips workers with the appropriate skills to increase production , and , therefore , increasing economic growthNatural resources provide the raw materials that are used in the production of goods and services . A nation that is endowed with adequate natural resources and has tools to extract them , can pull in the necessary raw materials for production and improve its economic growth in the long-runTechnological knowledge is used to bring barely resources together to produce the required services and goods . Technology facilitates the production of get around and more output from a given quantity of scarce economic resources , and this is what sustains the economic well-being and drives economic growth of a nation...If you want to get a full essay, order it on our website: Orderessay

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