Growth strategy and unbalanced growth strategy

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Reference no: EM138686

Q1. What are the three most important factors driving economic growth? Explain briefly using an appropriate example.

Q2. A worker in 1 hour produce a product, using means of production at $80 and creating new value at $20; productivity of his labor has increased 2 times. Determine the cost of production of 8hrs workday output and a unit of product before and after the increase in labor productivity?

Q3. Explicate the difference between balanced growth strategy and unbalanced growth strategy.

Reference no: EM138686

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