Question

what is the single most important factor influencing economic growth for an economy

Answer 1

Increased productivity is the most important factor influencing economic growth for an economy. Productivity means how much GDP the work force generates. The higher the productivity in a country, the more is the wealth its people create. Productivity is the principal measure of productive creativeness, the measure of a person's contribution to the growth of the economy. Productivity to a large extent determines an individual's income. When the productivity increases the cost of goods is lowered. Lower prices increase the demand for the product or service.