Economic Growth Concepts and Factors

The video explores the origins and factors of economic growth, emphasizing the importance of GDP as a measure. It distinguishes between extensive and intensive growth, highlighting the role of technological progress and innovation. The endogenous growth theory is discussed, showing how economic agents' decisions influence technological advancements. The video also examines the role of institutions, both formal and informal, in fostering economic growth by protecting innovations and creating positive externalities.

What is the primary measure used to assess economic growth?

• Balance of Trade

• Unemployment Rate

• Gross Domestic Product (GDP)

• Consumer Price Index (CPI)

Which of the following is a factor of production?

• Infrastructure

• Innovation

• Labor

• Technology

What is the term for growth achieved by increasing the quantity of production factors?

• Intensive Growth

• Qualitative Growth

• Sustainable Growth

• Extensive Growth

How does technological progress contribute to economic growth?

• By stabilizing prices

• By decreasing capital investment

• By increasing productivity

• By reducing labor costs

According to Schumpeter, what drives phases of economic expansion?

• Market competition

• Consumer demand

• Government policies

• Technological innovations

What is the focus of endogenous growth theory?

• Natural resources

• External market forces

• Internal economic decisions

• Foreign investments

Which of the following can stimulate research and development?

• Public policies

• Taxation

• Interest rates

• Trade barriers

What are formal institutions in the context of economic growth?

• Written contracts

• Cultural norms

• Informal agreements

• Social customs

How do patents contribute to economic growth?

• By protecting innovations

• By reducing production costs

• By increasing competition

• By limiting market access

What is an example of an informal institution?

• Legal contracts

• Corporate policies

• Government regulations

• Social norms