Question

What are the three main sources for economic growth in any economy? Suppose you were the President of the United States, what would you do to ensure that these sources of economic growth are enhanced to allow for economic growth?

Must me over 200 words

Answer 1

The three main sources that drive economic growth in any economy are accumulation of capital stock, human resources, and advancement in technology. More capital usually results to more production, and more production often leads to higher growth. When the economy has more workers, it holds more ability to produce more goods. The enhancement in technology makes it possible to produce more output with the fewer resources or similar resources for producing the same output.

If I were the President of the United States I will stress on good eeducation and health which are two vital aspects in improving human capital quality. High quality labor force increases labor productivity. The improvement in productivity is achieved when workers possess high skills and knowledge, together with sound physical and mental health can perform their tasks with effectiveness and efficiency; thus acts as a fundamental driver for economic growth and development. A good infrastructure includes vital services and facilities such as good water systems, telecommunications, airports roads, sewage treatment which can be helpful in capital stock. The development of technology in the areas of production, product mix and firms can be helpful for organisations to expand their operations. If my nation is politically stable, superior in technologies, quality labor, and improvement of transportation infrastructures will surely achieve the economic growth