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Highlight the factors that determine the size of an economy’s National Income

      

Highlight the factors that determine the size of an economy’s National Income

  

Answers


Dana
(i) Stock of factors of production in terms of both quality and quantity.
- land (fertile or infertile)
- Labour (required skills or not)
- availability of good or bad infrastructure

(ii) The state of technical knowledge.
- whether there is know-how or not and whether the technology is appropriate or not.

(iii) Participation rate.
- proportion of economically active group compared to the general populace.

(iv) Political stability.
- whether the country is politically stable or not.
Dana05 answered the question on July 18, 2019 at 19:45


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