Question

provide and example for each of the four broad areas of economic growth?

Answer 1

Economic growth comes through increasing the quantity and quality of factor of production, which consists of four broad types , these are - Land , Labour , Capital and entrepreneurship. These can be classified as follows -

1.Land - Land is generally a natural resources on which good or services are produced. Land can include some resources that come from land like oil gas etc.

2 Labour- These are the people who are really engaged in the production of goods and services. These can be factory workers, manager or engineer etc

3.- Capital- Capital is generally capital goods such as machine, land or any other equipment which are used to produce goods and services.

4.-