List the Four Determinants of an Economy's Productivity

question 56

Essay

List the four determinants of an economy's productivity.

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Definitions:

Wealth Of Nations

A foundational economic text written by Adam Smith, which discusses the mechanics of market economies and introduces the concept of the ‘invisible hand’.

Pleasure

refers to a feeling of happiness, satisfaction, or enjoyment that comes from experiencing something desirable.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, often measured by the rise in real GDP.

Production Possibilities Curve

A graphical representation showing the maximum number of goods or services that can be produced with fixed resources and technology.