Question

One of the most important factors for economic growth to take place is that a society must A. consume less than they produce. B. consume more than they produce. C. produce more consumer durables than consumer nondurables. D. lend to other countries and earn an above average interest rate.

Answer 1

Answer:

Option A: consume less than they produce.

Explanation:

Economic Growth is simply defined as how much a country's GDP grows in one year.

GROSS DOMESTIC PRODUCT also known as GDP is said to be the total value of the goods and service that are produced in that country within one year period.

The higher a county's GDP, the better standard of living for the people within the country. It can get better if a country produce more. for a country to have a higher GDP, it must invest in human capital through education and training, it must produce goods that have value to be sold within the country or exported and others.