If an economy maintains a small rate of growth for a long period of time, then the size of the economy?

1 answer:

3 0

An economy maintains a small rate of growth for a long period of time, then the size of the economy: can increase by a large amount.

The real gross domestic product is employed to calculate it (GDP). long growth is delineated as an economy's ability to make additional products and services over time

There are 3 main factors that drive the economic process, Accumulation of capital stock will increase parturient inputs, like employees or hours, worked, and Technological advancement.

Physical capital, human capital, labor, and technology area unit all typically want to model growth in social science. Increasing the quantity or quality of working-age folks, the tools they need at their disposal, and therefore the recipes they need for combining labor, capital, and raw materials can end in higher economic output.

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