Question

6. What are the three main sources for economic growth in any economy

Answer 1

The main sources of growth are-

Human resource-The higher a country invests in human capital(education, health),the higher will be the long run growth rate of the country.

Technology-Advanced technology lowers cost of production and raises level of productivity,increasing growth rate.

Natural resources-Availability of natural resources makes country self sufficient.Countries like Canada and Norway have grown mainly due to abundance of natural resources.It also gives the country an upper hand in international trade