Which Best Describes the Growth Process from Its Ultimate to Its

Which best describes the growth process from its ultimate to its immediate causes?

A) incentives $\to$ institutions $\to$ factors of production $\to$ real GDP per capita
B) institutions $\to$ incentives $\to$ factors of production $\to$ real GDP per capita
C) factors of production $\to$ incentives $\to$ institutions $\to$ real GDP per capita
D) factors of production $\to$ institutions $\to$ incentives $\to$ real GDP per capita