Question

3) What are the main factors behind economic growth? Write a short essay. Be expansive. Take a broad view of this question. What institutional factors are important? What cultural factors are important? But be sure to include the traditional economic factors. What factors are most important?

Answer 1

Explanation:

• It is a level of goods and services provided by the country in a specific period
• Certain factors associated with the economic growth are

1. Natural resources: Every country must protect their land forms so that the natural resources like oil or mineral can be obtained adequately and thus it can boost the economy of the country

2. Infrastructure: Creating an successful infrastructure make goods and services faster and thus increasing the economic growth.

3. Higher population: There are both advantages and disadvantages. We have high man power and on the other side there might be huge unemployment too.

Culture is closely associated with the branch of economy because it can turn the country upside down. Because, it is the culture which decides the like and unlike of a particular product.