SOLUTION: ECON 103 University of Maryland Global Campus Economic Growth Discussion

Attached. Please let me know if you have any questions or need revisions.ECONOMIC GROWTH1Economic GrowthStudent’s NameInstitutional AffiliationInstructor’s NameCourseDue DateECONOMIC GROWTH2Economic Growth1. Sources of Long-Run Economic GrowthLong-term economic growth is founded on three distinct sources namely capital, labor, andtechnology. Capital allows a country to invest in production activities designed to increase thelevel of productivity (gross domestic product) over time. All other factors held constant, aneconomy that boasts more physical capital is likely to produce more than other economies whosecapital is minimal. Since investments and savings add to the capital stock, the more capital in aneconomy the more economic growth. On the other hand, labor refers to the quality of humanresources and skilled personnel within an economy that apply their expertise skills to spurproduction of more goods and services in the economy (Wolla, 2013). A well-educated humancapital is likely to produce higher volume of output per person than a non-educated population.Lastly, the level of technological development significantly contributes to the level of economicgrowth. A more technologically-advanced economy is likely to convert resources into finishedgoods faster and more efficiently leading to higher volume of outputs. Besides the above factors,government policies and regulations play an important role in promoting long-run economicgrowth. For example, strong property rights promote creativity particul…

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