Final answer:
Factors like plentiful capital and advanced technology contribute to higher standard of living and economic prosperity by increasing productivity and GDP per capita, while investments in education and technology drive economic growth.
Step-by-step explanation:
Plentiful capital, advanced technology, superior health, vigor, education, and training of workers, as well as access to larger amounts of capital, account for the higher standard of living and increased economic outputs of a nation or region.
These factors lead to more efficient production and a higher Gross Domestic Product (GDP), allowing for broader access to goods and services, and promoting higher life expectancies due to quality healthcare.
With higher productivity, there is a boost in the economic wealth of countries, evidenced by their GDP. When combined with low population growth, this results in higher GDP per capita, meaning the country's wealth is spread across fewer people, leading to increased per-person wealth and living standards.
Investment in human capital through education, particularly in science and mathematics, drives innovation and supports the development of new technologies—the cornerstones of modern economic growth that the U.S. economy has capitalized on significantly.
The technological advancements across various fields, including genetics, materials science, and the digital world, such as the wireless internet, underline the spectacular growth in technology that propels economic progress. These advancements are reflected in the increasing number of patents being issued, representing the expansion of knowledge and potential economic growth.