Economic growth

The term economic growth is associated with economic progress and advancement.

Economic growth can be defined as an increase in the capacity of an economy to produce goods and services within a specific period of time.

 

crescita Economic growth Romano Pisciotti

In economics, economic growth refers to a long-term expansion in the productive potential of the economy to satisfy the wants of individuals in the society. Sustained economic growth of a country’ has a positive impact on the national income and level of employment, which further results in higher living standards.Refers to one of the most important determinant of economic growth of a country. The quality and quantity of available human resource can directly affect the growth of an economy.

Affect the economic growth of a country to a large extent. Natural resources involve resources that are produced by nature either on the land or beneath the land. 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. The natural resources of a country depend on the climatic and environmental conditions. Countries having plenty of natural resources enjoy good growth than countries with small amount of natural resources.

crescita e benessere Economic growth Romano Pisciotti

The efficient utilization or exploitation of natural resources depends on the skills and abilities of human resource, technology used and availability of funds. A country having skilled and educated workforce with rich natural resources takes the economy on the growth path.