Question

What is one way nigeria could raise its gross domestic product (gdp) per capita?

Answer 1

Economists benchmark actual or real GDP against the potential GDP to determine how well the economy is performing. Increasing physical and human capital improvements with technological advances will increase overall productivity and, thus, GDP per capita.

Step-by-step explanation:

Economists benchmark actual or real GDP against the potential GDP to determine how well the economy is performing. Physical capital per person refers to the amount and kind of machinery and equipment available to help people get work done. Increasing physical and human capital improvements with technological advances will increase overall productivity and, thus, GDP. Additionally, investing in education and increasing levels of knowledge and skill sets per person will also contribute to higher GDP per capita.One way Nigeria could raise its Gross Domestic Product (GDP) per capita is by investing in human capital and physical capital. Improving human capital through better education and vocational training can enhance the productivity of the workforce.

Increasing physical capital, such as advanced machinery and equipment, can also boost productivity, resulting in a higher output of goods and services. Additionally, implementing technological advancements, such as new software or GPS technology, can streamline processes and further enhance productivity. A market-oriented economy with supportive government policies that foster these types of investments is essential for achieving sustainable economic growth and an increased GDP per capita.

Answer 2

To increase Nigeria's GDP per capita, investments in human and physical capital as well as technological advancements are pivotal, coupled with a supportive market-oriented economic climate and government policies.

Step-by-step explanation:

One way Nigeria could raise its gross domestic product (GDP) per capita is by investing in both human capital and physical capital, as well as embracing technological advancements. Investments in human capital involve providing higher levels of education and skill sets through vocational or advanced educational programs. By increasing the knowledge and capabilities of its workforce, productivity can go up, which in turn, leads to higher GDP.

Similarly, investing in physical capital means purchasing more and better machinery and equipment to aid in higher productivity levels. For instance, using modern word processing software on a laptop rather than a typewriter significantly increases an individual's output. Extending this concept, national improvements in technology like GPS and Universal Product Codes boost efficiency in firms' ability to track, stock, and distribute products, further accelerating productivity growth and hence GDP.

Moreover, a market-oriented economy supported by government policies that foster a healthy climate for economic growth is essential. This entails creating an environment where businesses can thrive, foreign investments are attracted, and innovation is encouraged. Combined with a stable political climate and sound economic policies, these factors can heavily influence a country's economic performance and lead to an increase in GDP per capita.