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List and explain five factors that can contribute to an economy’s growth

User Oneil
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Answer:

-An economy can grow when there is an increase in the productivity of labor. This means that more output can be produced with the same amount of input, or the same amount of output can be produced with less input.

-An economy can also grow when there are increases in capital investment, such as factories and machinery.

-Natural resources may contribute to economic growth if they are exploited effectively.

-The size of a country’s population affects its potential for economic growth – a larger population generally indicates a greater potential workforce and consumer base.

-Last but not least, technological advances usually lead to increased efficiency and higher levels of production across most sectors

User Audiodude
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