what factors are most important for economic growth quizlet?
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['Technology is most important factor of economic growth.', 'Building human and physical capital is important.', 'Human capital, physical capital, and technology mud work together.']
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Entrepreneurship is influenced by four distinct factors: economic development, culture, technological development and education. In areas where these factors are present, you can expect to see strong and consistent entrepreneurial growth.
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Productivity is an important determinant of living standards – it quantifies how an economy uses the resources it has available, by relating the quantity of inputs to output. ... Economic growth: If an economy can raise the rate of growth of productivity then the trend growth of national output can pick up.
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['Interest rates.', 'Taxes.', 'Inflation.', 'Currency exchange rates.', 'Consumer discretionary income.', 'Savings rates.', 'Consumer confidence levels.', 'Unemployment rate.']
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['Factor # 2. Climate:', 'Factor # 3. Income and Standard of Living:', 'Factor # 4. Working Conditions:', 'Factor # 5. General and Technical Education:', 'Factor # 6. Efficiency of Other Factors:', 'Factor # 7. Welfare Services:', 'Factor # 8. Motivation and Incentives:', 'Factor # 9. Economy of High Wages:']
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['Inflation. ... ', 'Interest rates. ... ', 'Speculation. ... ', 'Change in competitiveness. ... ', 'Relative strength of other currencies. ... ', 'Balance of payments. ... ', 'Government debt. ... ', 'Government intervention.']
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The economic growth is closely related to the industrial structure, health, demography and income distribution of the economy. The most used measure for national economic growth is the change in Gross Domestic Product (GDP). GDP measures the value added of all goods and services produced in the economy.
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(a) Human Resource: Refers to one of the most important determinant of economic growth of a country. The quality and quantity of available human resource can directly affect the growth of an economy. The quality of human resource is dependent on its skills, creative abilities, training, and education.
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['Entrepreneurial Skill: The most important factor of comes is the skill, initiative and resourcefulness of the entrepreneur. ... ', 'Managerial Ability: For running the routine part of the business, managers are appointed. ... ', 'Availability of Finance: ... ', 'Availability of Labour: ... ', 'Nature of Business: ... ', 'Extent of the Market:']
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['low levels of GDP per capita,', 'high levels of poverty,', 'relatively large agricultural sectors,', 'large urban informal sectors and.', 'high birth rates.']
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['Industrial Growth: The explosion of industrialization and manufacturing enterprises within a certain urban area gives rise to more employment opportunities — which is another factor of urbanization.', 'Employment: Rural areas commonly are agricultural.']
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Furthermore, economic conditions are the sum total of many factors that can greatly affect a business. Such factors include GDP of the economy, per capita income, availability of capital, utilization of resources, state of the capital market, interest rates, unemployment levels, etc.
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['Length of Operating Cycle: ... ', 'Nature of Business: ... ', 'Scale of Operation: ... ', 'Business Cycle Fluctuation: ... ', 'Seasonal Factors: ... ', 'Technology and Production Cycle: ... ', 'Credit Allowed: ... ', 'Credit Avail:']
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Political factors relate to how the government intervenes in the economy. Specifically, political factors have areas including tax policy, labour law, environmental law, trade restrictions, tariffs, and political stability. ... Economic factors include economic growth, exchange rates, inflation rate, and interest rates.
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['Capital. ... ', 'Labor. ... ', 'Raw Materials. ... ', 'Market. ... ', 'Infrastructure. ... ', 'Caste Factor.', "There are certain cultural practices and values in every society which influence the' actions of individuals. ... ", 'Family Background.']
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Why is productivity important to economic growth? Economic growth occurs when a nation's total output of goods and services increases over time. So as productivity grows, there is economic growth.
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['Economic Growth.', 'Economic Equity and Social Justice.', 'Full Employment.', 'Economic Self-Reliance.', 'Modernisation.']