Answered Essay: Define and discuss the determinants of growth?

Define and discuss the determinants of growth?

Expert Answer

 

Below are the determinants of economic growth –

Natural Resources – Abudance of natural resources is a positive factor for economic growth as they can be exploited to create economic value. Natural resources need to be conservatively used as complete depletion would result in ecological imbalance.

Capital goods – Capital goods like machinery, equipment, plants, buildings etc. are required to increase economic growth. Investment in capital goods is very high but the returns from buidling and installing them are also high.

Human Resources – Skilled and unskilled human resouirces are the major requirement of economic growth as the productivity of resources is directy linked to the productivity of the nation.

Technology – Off late, technology has become a major enabler for economic growth as it increases the efficiency of the processes and productivity of resources.

Customer demand of goods and services – Increase in demand for goods and services increases economic growth as firms start to supply more to fulfill the demand.

Efficiency – Efficiency refers to the optimal utilization of resources to ensure high output for a given input. Hence, increase in efficiency increases the economic growth.

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