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Explain the main factors that influence the rate of economic growth
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11/11/02 Jonathan de Vletter (a) Explain the main factors that influence the rate of economic growth Economic growth is the increase in an economy's real level of output over time, and is measured by the rate of change of real output over time. Taking real values rather than money values means inflation levels have been taken into account, which enables greater accuracy when looking at the data, especially if comparing them with data from other periods of time. The rate of economic growth is measured in three month quarters over the course of the year, and if the economy experiences two consecutive quarters of negative economic growth it is considered to be in a recessional period on the trade cycle. Factors of production are also known as economic resources and are the means to survive. The four factors of production are Land, Labour, Capital and Enterprise. The three characteristics of factors of production are...
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