Final answer:
Building a growth track model involves establishing clear growth criteria, analyzing the impact of factors of production on GDP growth, and utilizing growth accounting studies.
Step-by-step explanation:
To implement a growth track model, the following three things should be considered:
- Establishing clear criteria for growth, which involves setting specific, measurable goals based on past performance and future expectations.
- Analyzing the factors of production impacted by GDP growth, which includes determining how physical capital, human capital, and technology contribute to economic expansion.
- Employing methods in growth accounting studies to understand the contributions of different variables to economic growth and to identify factors that foster a healthy climate for growth.
These elements form the foundation of a growth track model and provide a structured approach to economic analysis and strategic planning.