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

2. 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

3. 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.

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

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

6. Human Resources Labor/human effort employed directly in production
Employees

7. Entrepreneurship
Initiative, innovative and risk taking necessary for production