What, by consensus among economists, are the broad factors for economic growth? Correct Answer(s) language technology resources institutions topography

1. Technology.

2. Resources.

3. Institutions.

Explanation:

An economic growth can be defined as an increase in the market value of the finished goods and services produced by an economy in a particular country at a specific period of time. It is measured typically by the Gross Domestic Products (GDP).

Generally, economists are of the opinion that the economic growth and development of a particular country is determined by some critical factors.

By consensus among economists, the broad factors for economic growth are;

1. Technology: if well harnessed, technological advancement plays a vital role in the growth and development of a country's economy. An improvement in the application of technology implies that the same level of labor will increase productivity and thus, lowering the cost of economic growth and development.

2. Resources: this would help to boost the level of output or production being made available by a country through the discovery of more resources such as crude oil, land, gold, water, minerals etc.

3. Institutions: creation of institutions that would regulate, support and finance businesses would go a long way in advancing the economic growth and development of a particular country.

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