One Important Factor That Affects Economic Growth Is

question 23

Multiple Choice

One important factor that affects economic growth is

• A)gold reserves.
• B)the rate of saving.
• C)which political party is in power.
• D)the number of workers in heavy industry.

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Definitions:

Private Property

Owned assets or possessions that are legally recognized and protected, excluding those owned by government entities.

Freedom of Enterprise

The freedom for individuals to start and operate private businesses in search of profits with minimal government intervention.

Competition

The economic rivalry between companies or individuals for a larger share of a market, leading to better quality products and services at lower prices.

Competition

The rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix.