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Economic Activity, Productivity and Economic Growth

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Sheree Topp

on 1 March 2012

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Transcript of Economic Activity, Productivity and Economic Growth

The Circular Flow of Economic Activity Markets Factor Market is where people earn their incomes. Factor markets center on the four factors of production: land, capital, labor, and entrepreneurs. Product Market is where people use their income to buy from producers. Product markets center on goods and services. How are landlords a part of a factor market? Productivity and Economic Growth is a measure of the amount of output produced by the amount of inputs within a certain time. Productivity Productivity increases with efficient use of scarce resources Specialization and division of labor may improve productivity because they lead to more proficiency. But, they may also lead to greater economic interdependence. Productivity and Economic Growth Economic Growth depends on high productivity. Yet, an economy's productivity may be affected by its interdependence - reliance on others and their reliance on us to provide goods and services. Investing in human capital improves productivity
because when people's skills, abilities, health, advance, productivity increases. and motivation They are classified as local, regional, global, and cyberspace. are locations/mechanisms for buyers and sellers to trade. What other factors can you find in the picture that might aid in productivity? What do we rely on other people for? What do we rely on other countries for? How may economic interdependence be a strength of an economy? We create jobs by relying on others for the things that we cannot do or do not want to do. By using our time and resources to do what we can do best. They provide land or property (a factor of production) to consumers in exchange for rent money, which is the landlords’ source of income.
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