Final answer:
It is true that the labor force and technology are important factors in economic growth. A well-educated labor force leads to valuable human capital, while technological advancements are crucial for innovation and productivity improvements.
Step-by-step explanation:
It is true that some things to consider in making an economy grow include the labor force and the technology available. The size of a country's workforce, or labor, can contribute to a higher Gross Domestic Product (GDP), especially when the labor force is not just large but also well-educated, creating valuable human capital. Human capital fosters innovation and the development of physical capital.
Furthermore, technology plays a critical role in economic growth, often being the most important contributor in economies like that of the U.S. Technological advancements enable new ways of doing things, which is essential for continued economic development. Adoption and integration of cutting-edge technology can significantly enhance productivity and, in turn, economic growth.
Population growth also has implications for economic growth. The correlation between the rate of population expansion and GDP, particularly on a per capita basis, influences the country's standard of living. Hence, labor, as a factor of production, is vital for economic growth, but the quality of labor, in terms of education and skills, is equally important, as a better-qualified workforce can lead to higher productivity and economic prosperity.