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Factors that Contribute to Economic Growth

Factors that Contribute to Economic Growth. Gross Domestic Product (GDP). the market value of all the goods and services produced by labor and property located IN a country. Capital Goods. goods used to produce things

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Factors that Contribute to Economic Growth

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  1. Factors that Contribute to Economic Growth

  2. Gross Domestic Product (GDP) • the market value of all the goods and services produced by labor and property located IN a country

  3. Capital Goods • goods used to produce things • examples: factories, machinery, latest computers and technology, and advanced equipment • the more capital goods a country has, the more it can produce

  4. Natural Resources • nations rich in valuable resources can export large amounts that produce lots of profits • renewable: can be used forever; constantly replaced by natural resources • non-renewable: cannot be replaced in a short period of time Renewable Resources Non-Renewable Resources

  5. Human Capital • investments in the wellbeing and training of human workers • examples: providing for healthcare, offering educational opportunities, improving job skills through training • investments in workers produces a healthier, more satisfied, more productive workforce

  6. Entrepreneurs • people who start and own private businesses • encouraged by nations with free market economies • creates competition which inspires innovation (new and better ways of doing things) and invention (new technology and products)

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