Sorting the statements into categories based on whether they encourage or restrain economic growth.
Encouragement of Economic Growth
- laws that clearly define who may transfer property to whom
the protection of brands
- The central bank of a country announces it will print money to pay for government expenses.
- the division of commodities and services according to competitive marketplaces
Restraint on Economic Growth
- the establishment of a sugar price floor
- the emergence of rules that make starting small enterprises
- challenging a corrupt administration
What is Economic Growth?
A rise in a nation's output of goods and services is referred to as economic growth. Metrics like Gross Domestic Product (GDP) are frequently utilised since economic growth evaluates the worth of the things being produced rather than just the quantity. Gains in total production typically correspond with increases in marginal productivity from each resident, which raises average incomes, boosts consumer spending, and raises living standards.
In an economy, there are four main ways to boost productivity.
- increasing workers' "human capital," or their level of expertise and specialisation.
- technological advancements that increase efficiency
- Increasing the availability of "capital commodities" or "physical capital," which are tools and resources in both quantity and quality.
- expanding the workforce's overall size.
- Increases in population can have the opposite impact on inhabitants' standards of living from those that enhance overall productivity.
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