How do we measure long-term economic growth of a country? What are the key determinants of long-run economic growth?
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Economic growth is increase in a countries productiveness of a country. Any factors that is involved and can affect production is therefore a determinant of economic growth.
Key determinnats, therefore, include
-quality and quantity of human capital
- level of investment and availability of capital
Economic growth is an increase in the productiveness of a country. It is measured by determining the change in total goods and services produced(GDP) by a country over a given period.
%economic growth = (GDP1 -GDP2)/GDP 1 *100%
Any factor that is involved and can affect production is therefore a determinant of economic growth.
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