Question

Identify 5 major sources of economic growth with 100 years of their impact

Answer 1

Economic growth is defined and measured as the annual percentage increase in GDP over time.

2. In the long run, a key statistic for a nation’s standard of living is GDP per capita.

3. The most important source of U.S. economic growth is increases in labor productivity.

4. The largest contributor to increases in U.S. labor productivity is technological advance