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16 January, 06:47

Without increase of spply of the factors of production, how can a. nation achieve economic growth?

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  1. 16 January, 07:57
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    A) through technological advancement which enables more output with the same quantity of resources

    Explanation:

    Technological advancement is also called technological progress, it is an improved method of doing old things. It means we can achieve more with little resources, that is, it leads to increase in volume of production without increase in resources. Apart from the direct job creation associated with technological advancement and innovation, it also lead to increase in GDP. Many countries that have achieved significant growth are the ones that have employed the use of technology in production.
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