Markets are primarily responsible for the rapid rise in productivity during the 20th century.

Question

Quizplus · Accepted Answer

Markets incentivize innovation, specialization, and efficiency, leading to increased productivity. Competition among firms also drives productivity growth by pushing companies to improve processes, reduce costs, and offer better products and services. These market forces have been key drivers of economic growth and development over the past century.

Markets Are Primarily Responsible for the Rapid Rise in Productivity