What are the different factors of economic growth?

Factors of economic growth are drivers who lead to an increase in the capacity of the country for productivity. These factors may include increased investments in assets and infrastructure to increase the efficiency of production and transport of goods. Growth can also come from increasing the amount or quality of inputs for production or innovation to improve the efficiency of productive processes. More efficient use of soil, including natural resources and minerals such as oil and gas, can support economic growth. Work and capital are other production factors that can generate economic growth if their capacity increases, as well as improvements and innovations in technology that can reduce the cost of producing existing goods and allow new products. This can support the growth by increasing the potential of production. Many oil -rich oils have achieved a higher level of development by using their mineral resources to increase their national intake. However, the level of growth achieved may depend on how the use of resources is managed. OnExample, if the country remains dependent on one source, it may eventually slow down; If it successfully diversifies the industrial base, the country can achieve growth in a number of sectors.

The extension of the amount and quality of the labor force is another factors of economic growth. Education and training policies can improve people's skills and productivity, allowing the country to develop high-technological enterprises and a sophisticated service industry. Many countries also expand their workforce by allowing more women to join the workforce, thereby increasing the workforce. If the business in the country is to innovate and the EXPO then the workforce must contribute to innovations, for example by pointing out the weakness in the production process.

Increased capital investment in the country is another economic growth factors, provided that it is focused on the productive industry of the economy rather than supporting unproductive industrial industryknows. Infrastructure can be developed to allow more efficient transport of goods within the national borders and to other countries. Favorable infrastructure can be created to develop growth industries in areas such as high technology, information technology and communication.

Another factor influencing economic growth is the efficiency with which production factors such as land, work and capital are promoted by growth. Effective use of production factors could be increased by the support of greater competition among businesses. Measures to support competition include privatization of the state industry, deregulation and laws for Protect Business. For example, laws on private property protection, including intellectual property, can lead to increased business trust and encourage local industries to increase the level of performance.