Explanation Increase in educational opportunities in a country has drastic beneficial effect on the nation's economic growth. It means that when educational opportunities in many potential fields enhances the number of educated, skilled labor will be increased, and consequently human capital formation will also be increased. More human capital can lead the home economy to a super high level. It is proved both theoretically and empirically that enhancing educational opportunities can boost up an economy. Education is thefundamental to sustainable economic development; it is verystrong driver of development of the country andone of the greatest tools to eliminate poverty and improve public health.Besides,it empowers the people for being higher productive, to enjoy a high standard of living with better quality life and finallythis way contributes to overall economic growth of the economy ...

Principles of Economics (Second Edition)

2nd Edition

ISBN: 9780393614077

Author: coppock, Lee; Mateer, Dirk

Publisher: W. W. Norton & Company

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Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 25, Problem 7QFR

To determine

To explain:

The way educational opportunities impact a nation's growth and show graphically the effect on nation's production function due to educational opportunities.

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Chapter 25 Solutions

Principles of Economics (Second Edition)

Ch. 25 - Prob. 1QFR Ch. 25 - Prob. 2QFR Ch. 25 - Prob. 3QFR Ch. 25 - Prob. 4QFR Ch. 25 - Prob. 5QFR Ch. 25 - Prob. 6QFR Ch. 25 - Prob. 7QFR Ch. 25 - Prob. 8QFR Ch. 25 - Prob. 9QFR

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