1. What is Meant by Economic Growth?
There are many factors that can cause economic growth, but it occurs in mainly two different ways: the increased use of labor, land, capital and entrepreneurial resources by using better technology, or by management strategies and increased productivity of resources through capital productivity and rising labor, thus meaning greater material welfare and a rise in living standards, However, it does not equate to having higher levels of well being for individuals in that nation in general. ... On the graph below, point A shows that the economy's resources are not being used to the fulles...
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- Grade Level: Undergraduate