What is economic growth ? Explain the role of capital and technology in economic growth.
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Increased capital investment allows for more research anddevelopment in the capitalstructure. This expanding capitalstructure raises the productive efficiency of labor. As labor becomes more efficient, more goods are produced (higher gross domestic product) and theeconomy grows.
Increased capital investment allows for more research anddevelopment in the capitalstructure. This expanding capitalstructure raises the productive efficiency of labor. As labor becomes more efficient, more goods are produced (higher gross domestic product) and theeconomy grows.
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This growth rate is the trend in the average level of GDP over the period, which ignores the fluctuations in the GDP around this trend. An increase in economic growth caused by more efficient use of inputs (increased productivity of labor, physical capital, energy or materials) is referred to as intensive growth.
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