Factors that contribute to economic growth
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Factors that Contribute to Economic Growth. Gross Domestic Product (GDP). the market value of all the goods and services produced by labor and property located IN a country. Capital Goods. goods used to produce things

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Factors that Contribute to Economic Growth

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Factors that contribute to economic growth

Factors that Contribute to Economic Growth


Gross domestic product gdp

Gross Domestic Product (GDP)

  • the market value of all the goods and services produced by labor and property located IN a country


Capital goods

Capital Goods

  • goods used to produce things

  • examples: factories, machinery, latest computers and technology, and advanced equipment

  • the more capital goods a country has, the more it can produce


Natural resources

Natural Resources

  • nations rich in valuable resources can export large amounts that produce lots of profits

  • renewable: can be used forever; constantly replaced by natural resources

  • non-renewable: cannot be replaced in a short period of time

Renewable Resources

Non-Renewable Resources


Human capital

Human Capital

  • investments in the wellbeing and training of human workers

  • examples: providing for healthcare, offering educational opportunities, improving job skills through training

  • investments in workers produces a healthier, more satisfied, more productive workforce


Entrepreneurs

Entrepreneurs

  • people who start and own private businesses

  • encouraged by nations with free market economies

  • creates competition which inspires innovation (new and better ways of doing things) and invention (new technology and products)


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