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Influences on Economic Growth

Influences on Economic Growth. SS6R7 The student will describe the factors that influence economic growth and examine their presence or absence in Europe. Factors that influence economic growth:. Human Capital ( people who perform labor). Capital ( factories or machinery).

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Influences on Economic Growth

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  1. Influences on Economic Growth SS6R7 The student will describe the factors that influence economic growth and examine their presence or absence in Europe.

  2. Factors that influence economic growth: • Human Capital ( people who perform labor)

  3. Capital ( factories or machinery)

  4. Natural Resources( things that come from the land, like trees and minerals)

  5. Gross Domestic Product, GDP • GDP is how economists measure a nation’s economic performance. • The GDP is the total market value of the goods and services provided by a country’s economy in a specific year. • Germany and the United Kingdom have the strongest economies in Europe. That means they have a high GDP!

  6. To raise a country’s GDP they must: • 1.Invest inhuman capital for long-lasting results. Better educated people means more productive workers. Education pays! • 2.Invest in capital such as factories, machinery, and new technologies!

  7. Entrepreneurs • People who come up with new ideas, and bring these to the market place are called entrepreneurs. They are vital to a country’s economy. These people take risks when starting new businesses that use innovated ideas. • Ben and Jerry’s Bill Gates

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