Natural resources involve resources that are produced by nature either on the land or beneath the land. The economic growth of a country can be measured by comparing the level of Gross National Product (GNP) of a year with the GNP of the previous year.
By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our IB Excel Templates, Accounting, Valuation, Financial Modeling, Video TutorialsIB Excel Templates, Accounting, Valuation, Financial Modeling, Video TutorialsAll in One Financial Analyst Bundle (250+ Courses, 40+ Projects)250+ Courses | 40+ Projects | 1000+ Hours | Full Lifetime Access | Certificate of Completion Countries having plenty of natural resources enjoy good growth than countries with small amount of natural resources.The efficient utilization or exploitation of natural resources depends on the skills and abilities of human resource, technology used and availability of funds. Inflation. Similarly, Japan has a small geographical area and few natural resources, but achieves high growth rate due to its efficient human resource and advanced technology.Involves land, building, machinery, power, transportation, and medium of communication. If the human resource of a country is well skilled and trained then the output would also be of high quality.On the other hand, a shortage of skilled labor hampers the growth of an economy, whereas surplus of labor is of lesser significance to economic growth.
M1 includes the most liquid portions of the money supply because it contains currency and assets that either are or can be quickly converted to, cash. Education helps one to grow and develop which will result in the development of the economy. Examples of Economic Factors.
For example, in 2005-2006, the rate of increase in India’s GNP was 9.1%, while its population growth rate was 1.7%.In such a case, per capita increase in GNP would be 7.4% (=9.1-1.7). If the government is promoting any industry like insurance or medical or technology it will promote that sector that boosts its economy which will overall support the economy.Recession affects the purchasing power of consumer which force companies to drop the price of their goods or services.So, we can see how the above economic factors affect the economy.There are many other economic factors examples that affect economies like unemployment, market, land, capital, science, and technology. In real sense, economic growth is related to increase in per capita national output or net national product of a country that remain constant or sustained for many years.Economic growth can be achieved when the rate of increase in total output is greater than the rate of increase in population of a country. The baseline forecast envisions a 5.2 percent contraction in global GDP in 2020, using market exchange rate weights—the deepest global recession in decades, despite the extraordinary efforts of … On the other hand, if the rate of increase in GNP and population is same then the actual growth of GNP would be zero, which implies that there is a decrease in per capita income.As a result, there would be no economic growth.
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The resources on land include plants, water resources and landscape.The resources beneath the land or underground resources include oil, natural gas, metals, non-metals, and minerals.
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supply factors in economic growth include the following, except