Final answer:
Technology is typically the most important contributor to U.S. economic growth, surpassing the growth attributed to human and physical capital. While natural resources have been fundamental to past economic prosperity, the role of technology in fostering innovation and improving productivity is now paramount in driving the nation's economy forward.
Step-by-step explanation:
The first factor influencing economic growth in the United States is a commodity that harnesses the power of innovation and drives advancements across various sectors. This indispensable asset is technology. As a key determinant in the nation's economic growth, technology outpaces other factors such as the growth in human capital and physical capital, which account for only half, or even less, of the economic progress achieved. New technological developments are crucial for improving efficiency, creating new markets, and enhancing productivity.
While natural resources such as oil, steel, and agricultural products have traditionally been associated with economic prosperity, the dynamic nature of the economy demands a shift in focus toward technological innovation and energy use. The historical significance of resources in fueling economic prosperity cannot be understated; however, their role is complemented by the emergent technological advancements that form the backbone of modern economic growth.