What are the factors of production in the Solow model of economic growth?
A) institutions, incentives, and ideas
B) physical capital, human capital, and ideas
C) working capital, technological advances, and ideas
D) motivated workers, honest government, and ideas

Question

Quizplus · Accepted Answer

The Solow model of economic growth identifies physical capital, human capital, and ideas as the factors of production that contribute to long-term economic growth. Institutions, incentives, and an honest government may facilitate growth, but they are not considered factors of production in this model.

What Are the Factors of Production in the Solow Model