Why are socio-economic factors such as consumer's income capacity, occupation, educational level, marginal utility, total utility, and country's economic growth are important in the business?

Q: What correlation lies between productivity and the standard of living?

A: The amount of goods and services produced by the average worker in an hour of work is referred to as…

Q: escribe the impact of Entrepreneurship on any country’s economic progress

A: One of the major impact of Entrepreneurship is its contribution to economic growth of the country's…

Q: Four of the determinants of economic growth relate to supply side, i.e. the physical ability of the…

A: Economic growth is defined as an increase in the production of economic goods and services in an…

Q: What is the relationship between the supply of savings and the demand for capital investment for…

A: The economic science see the study of allocation of scarce resources within the most optimum method,…

Q: What were the sources of labor productivity growth in the U.S. economy during the sixty years since…

A: 1) During the sixty years since 1960, the sources of labor productivity growth in the U.S economy…

Q: Education seems to be important for human capital deepening and thus economic growth. As people…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Why is economic growth necessary for reducing poverty and inequality

A: Economic growth refers to process of increasing the total production of goods and services in an…

Q: What is productivity and why is it an important determinant of economic growth?

A: In economics, the economic growth of an economy depends upon various determinants and productivity…

Q: have socio-economic factors and effect higher education in Grenada? How has population and growth…

A: Socio-economic factors include social as well as economic factors.

Q: The catch-up effect says that countries with low income can grow faster than countries with higher…

A: According to the catch-up effect theory , the low income eating countries will grow and will finally…

Q: What is one real world examples of how the following can facilitate economic growth in a country:…

A: Answer - Real world example of the following can facilitate economic growth in a country: 1.The…

Q: True or false? If false, explain why.a. Technological advance, which to date has played a relatively…

A: a. Technological progress is the main factor that helped the US economy to grow and develop faster…

Q: Why is it that an agricultural economy like India is rich but the average Indian is poor? Answer…

A: The following problem has been solved as follows:

Q: Explain whether GDP per capita is the most appropriate measure of economic success

A: The GDP is the market value of all the goods and services that are produced in a country during a…

Q: Which of the following concepts best describe ‘social capital’?  (a)  Skills and qualifications.…

A: 'Social capital' refers to shared values, ideas, information and opportunities, along with trust in…

Q: Draw a correctly labeled graph of a productivity curve that illustrates diminishing returns to…

A: Since the question you have posted consists of multiple parts, we will answer the first three parts…

Q: What are the effects of an increase in labor productivity on potential GDP, the quantity of labor,…

A: Gross Domestic Product is the total amount of goods and services that an economy can produce within…

Q: Today’s business world is dynamic, being characterized by the following economic changes that affect…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: Which one of the following is not a determinant of productivity?   A greater stock of labor. More…

A: In a market, all the variables thate lead to change the output level and ability of the input…

Q: Q: What contributed to the growth in business in the 1920's? Select one: a. the Federal Reserve kept…

A: Economic growth is the objective of each and every country. It refers to the consistent rise in GDP…

Q: In the Malthusian growth model, what happens in the steady state if total factor productivity  goes…

A: The Malthusian Theory of Population is based on the exponential growth of population and arithmetic…

Q: In 1776, Adam Smith ([1776] 1936) published his treatise, An Inquiry into Nature and Causes of the…

A: The activities or policies that lead to improving the quality and well-being of the economy as a…

Q: Considering the graphic below from the Australian Productivity Commission, answer the following…

A: The labor productivity shows how much more output can be produced by the level of labor resources…

Q: What is the relevance of productive and allocative efficiency to the growth process?

A: Economic efficiency refers to the state in which all the resources are optimally allocated to serve…

Q: Mention two factors which cause the rapid growth in population in South Africa

A: South Africa is a nation of 60 million people (estimated). It is very interesting to know that its…

Q: In economics, How might productivity be measured for each of the following industries ? a.…

A: The measure that depicts how efficiently inputs are being converted into outputs by companies,…

Q: What do you think about the US Economic Growth Rate? What strategies can we use to increase the US…

A: The United States' economic freedom score is 72.1, making it the 25th freest economy in the Index…

Q: “Economic growth doesn’t simply depend on having more natural resources, more or higher-quality…

A: Economic growth just comes from expanding the quality and amount of the components of creation,…

Q: What is Capital in terms of business?

A: The use of the word 'capital' in business is often different from the colloquial usage of the word.…

Q: How does the division of labor increase productivity?

A: According to Adam Smith Division of labor is the concept where the task is divided in to different…

Q: Why does an increase in the labor force cause the Market Productivity of Capital to increase?

A: Marketing productivity is a measure of the profit responsiveness by segment to different levels of…

Q: What factors contribute the most to economic growth?

A: To manufacture goods and services, you'll need resources. However, in terms of the demands and…

Q: Goods made by people in the past and now is used to produce other goods and services is called, a.…

A: In an economy, different types of capital is needed by the organizations during the production…

Q: 10. According to Simon Kuznets, a The main force behind economic growth is increases in the quantity…

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

Q: What are the predictions of economic theory regarding the relationship between human capital and…

A: Human capital means skilled labour , professional individual , knowledgeable individual with great…

Q: Discuss whether the growth of a firm is advantageous for both the firms and consumers.

A: Whether the growth of a firm is advantageous for both the firm and the consumers: The growth of the…