Without an increase in the supplies of factors of production, how can a nation achieve economic growth?

Question

Quizplus · Accepted Answer

Economic growth can be achieved by increasing productivity, which in turn can be achieved through technological advancement. This enables more output to be produced with the same quantity of resources. Without an increase in supplies of factors of production, this is the most viable option for achieving economic growth. The other options, such as producing more high-value goods, lowering or increasing prices of factors of production, are not as effective or sustainable.

Without an Increase in the Supplies of Factors of Production