Question

which is an important component of economic growth
​

Answer 1

Answer:

There are three main factors that drive economic growth: Accumulation of capital stock. Increases in labor inputs, such as workers or hours worked. Technological advancement.

Answer 2

Answer:

The factors of production are land, labor, capital, and entrepreneurship, which are seamlessly interwoven together to create economic growth. Improved economic growth raises the standard of living by lowering production costs and increasing wages.