access to large amounts of natural resources is not generally viewed by economists as critical to economic growth
What factors affect economic growth?
Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology.
What is economic growth ?
Economic growth is defined as: an increase in an economy's production capacity or potential GDP. The rate of economic growth is the key determinant of. changes in a society's standard of living—which is commonly measured using real GDP per capita.
What is economic growth determined by?
Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity (output per hour worked) of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income
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