Identify key components of economic growth

2 answers:

7 0

Economic growth, as measured by GDP, is driven by two components: population growth and labor productivity. Labor productivity reflects the capacity for increased output from the existing quantity of labor in the economy. Various government agencies and independent analysts produce measures of labor productivity.

Lady bird [3.3K]4 years ago

5 0

The key components are labour productivity and population growth as measured by GDP.Labor productivity measures and shows how much an increase in output has resulted from the current quantity of labor in the economy.For population growth,the higher the population,it is taken to mean presence of labor.However this depends on other factors such as total employment and the type of labor force required.

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Gennadij [26K]

Answer: Option B is correct.

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Answer:

D) short-run fluctuations in output and employment

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The business cycle and the economic cycle are basically the same thing. They both refer to the fluctuations (growth and shrinkage) of the gross domestic product. It is usually divided into 4 periods:

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Crisis: economic growth stops, and the GDP starts to fall
Recession: the economy starts to shrink, and the GDP decreases. Total economic output decreases, as well as prices.
Recovery: the economy hits a low point, and then starts to bounce back.

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