How you would utilize them to improve the real gdp

Assignment Help Macroeconomics

Reference no: EM133461108

Question: So, while the supply factors create the potential for more production, the demand side must respond by purchasing the goods. What are some of the demand sources you think have a lot of room for expansion?

For advanced countries, most economist would agree that the most viable avenue for economic growth is through the labor factor. Look at the components of this formula:

Real GDP = labor inputs (hours of work) x labor productivity (average output per hour)

To increase the real GDP, you therefore have to work on the factors that influence labor inputs (above) as well as those that influence labor productivity.

Can you explain what these factors might be and how you would utilize them to improve the real GDP which would translate into economic growth?

Reference no: EM133461108

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