Final answer:
Technology, improvement in human capital, and increase in capital stock are all considered ultimate causes of economic growth.
Step-by-step explanation:
Technology, improvement in human capital, and increase in capital stock are all considered ultimate causes of economic growth.
Technology refers to new methods of production, including scientific inventions and better forms of management. It plays a crucial role in driving economic growth by enhancing productivity and efficiency. For example, advancements in software and machinery have increased productivity and made tasks easier.
Improvement in human capital involves increasing knowledge, education, and skills through vocational or higher education. Higher skill levels contribute to economic growth by driving innovation and productivity. Increased capital stock, both physical and human, leads to capital deepening and can further enhance productivity and production capacity.