Identify and explain the main factors that determine long-run economic growth, and why has Chinese economy grown so much since 1980?
Identify and explain the main factors that determine long-run economic growth, and why has Chinese economy grown so much since 1980?
Homework Answers
Long run economic growth depends on following factors:
- Increase in availability of labor.
- Increase in availability of capital.
- Change in technology or development of technology.
- Increase in natural resources.
Chinese economy grew significantly since 1980. following factors are responsible for such huge or massive growth rate:
- Labor is relatively cheap in china and it has funded Chinese economic growth.
- Chinese government invested heavily in infrastructure development.
- Political stability and instant decision making helped to grow rapidly.
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Identify and explain the main factors that determine long-run economic growth, and why has Chinese economy grown so much since 1980?
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