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Chapter 19: Q 15. (page 471)

What other factors, aside from labor productivity, capital investment, and technology, impact the economic

growth of a country? How?

Short Answer

Expert verified

Strong social and legal frameworks

Step by step solution

01

Step 1. Define economic growth.

Economic growth is defined as the increase or enhancement in the inflation-adjusted market price of an economy's products and services through time.

02

Step 2. Factor that impact the economicgrowth of a country.

Strong social and legal foundations, a working legal system, ownership provision of private property, protection of intellectual property are some of the factors that impact the economic growth in a nation.

Laws protecting intellectual property encourages people to be involved in innvoation, so that they can benefit from it, on one hand, while on the other hand, it improves productivity in the economy.

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