How does a country achieve economic growth

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Presentation transcript:

How does a country achieve economic growth How does a country achieve economic growth? By increasing one or more of the economic resources

Economic Resources Basic items that are used in all types of production to meet the needs of wants of individuals and society as a whole Natural Resource Capital Resource Human Resources Entrepreneurship

Specific strategies to increase economic resources Increase resources by discovery of new oil and gas deposits (Natural resources) Increase human resources through immigration and improving the skills of the existing workforce Increase an economy’s capital stock –devote more resources into producing more efficient machines and technology.

Natural Resources The resources from nature that are used in production Example: Land & Raw materials, such as trees and minerals

Capital Resources Processed materials (metals), equipment and buildings used in production Do not include financial capital, such as cash, stocks or bonds

Human Resources Labor/human effort employed directly in production Employees

Entrepreneurship Initiative, innovative and risk taking necessary for production