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Factors that Determine Economic Growth and Development of a Country

Creating Economic Growth

❶It is that the technology of the advanced countries is not in accordance with the factor endowments of these developing countries, since they have abundance of capital while the developing countries have surplus labour. We thus see that a rapidly growing labour force by itself is no guarantee of economic growth.

Defining a Factor of Production

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The economic growth of a country may get hampered due to a number of factors, such as trade deficit and alterations in expenditures by governmental bodies. Generally, the economic growth of a country is adversely affected when there is a sharp rise in the prices of goods and services.

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Factors that Determine Economic Growth and Development of a Country! The process of economic growth is a highly complex phenomenon and is influenced by numerous and varied factors such as economic, political, social and cultural factors.

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Economic growth is one of the most important indicators of a healthy economy. One of the biggest impacts of long-term growth of a country is that it has a positive impact on national income and the level of employment, which increases the standard of living. Major Factors Influencing Economic Growth by Annie Sisk - Updated June 25, Economic growth is defined as an increase in the amount of goods or services an economy can produce, as measured over a certain period of time.

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Traditionally, the factors used to determine economic growth are capital - both human and physical, productivity as mentioned by Ms. Fanni Likacsy, Research & Development, Institutional factors and Policies. Four Factors of Economic Growth 1. Ansley BennettLanier Middle School 4 Factors of Economic Growth• There are four factors that determine a country’s Gross Domestic Product for the year: – Natural Resources – Human Capital – Capital Goods – Entrepreneurship.