Question

Economic growth can occur if a country obtains more resources, employs new technologies, or improves the quality of existing resources. Which of these options has the ability to spur economic growth indefinitely? Provide an example to support your answer.​

Answer 1

The concept of economic growth increasing the simulations increasing goods and service over a period fro per head of the people. Since the economic resource is scarce in nature the resources accumulation can be done through adopting the new technologies.

The technology will help to allocate the scarce resources, for example, Crude oil reserve is found in the many developing countries but failed the utilization or accumulating these resource are failed due to the absence of the sophisticated technology. Another example Japan country were natural resource are scarce but technology plays the crucial role in their economic growth.

Thus technology plays the crucial role in the allocating and countries economic growth.