Mention the factor on which productivity of a resource depend?
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Growth in Gross Domestic Product (GDP) depends on supply of resources such as labour, capital, natural resources.
Many economists use production function approach to explain the importance of various factors for determining growth rate. The following type of production function has been used to measure the contributions of different factors to economic growth.
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The factors on which the productivity of a resource depend are:
- Technology used
- Physical infrastructure
- Needs of the people
- Cost of the generation
- Importance of resources
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