Question

what are the "ingridients" for economic growth?

Answer 1

Answer) Econonic growth refers to an increase in the amount of goods and services produced per head of the population over a period of time.

Three ingredients for economic growth: more capital, more labor, and better use of existing capital or labor.

The growth that results from rise in capital and labor represents growth due to rise in inputs. There are limits to how much accumulating capital helps, and increasing labor also often means more mouths to feed and so (by itself) may not increase the standard of living (real GDP per capita). Sustainable long-run growth is the result of better use of existing resources, increasing economic output per input and thereby increasing productivity.

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