The economy will grow in the future when the production of goods and services increases. This can happen for several reasons, including:
More people working: When more people work, consumer spending increases, which leads to more sales for businesses. Businesses then hire more workers to keep up.
Advances in technology: Technological advances can contribute to economic growth
Increases in resource supplies: An increase in resource supplies can contribute to economic growth.
Increases in capital goods: Increases in capital goods can contribute to economic growth
Increases in human capital: Increases in human capital can contribute to economic growth
Economic development can also help protect a local economy from economic downturns by attracting and expanding major employers
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