Examine the factors which explain the differences between economic Essa

shew the factors which explain the differences between economicgrowth evaluate in countries. scotch growth is the long term increase in productive electrical condenser asshown by an outward shift on a PPF curve. The PPF shows the maximumpotential output of the thriftiness. Productive capacity is an economiesability to assign goods and services, so if an economy grows, it canproduce more goods and services for the population of the economy to subroutine.Differences in Economic growth in countries result referable to legion(predicate)factors, such as land and its resources. The tally of land a outlandishpossesses, and all the natural resources it finds on the land canaffect the amount of output. For example, Saudi Arabia hasexperienced in truth high growth prescribes due to the richly endowed landswhich contain much crude oil. In this developing economy, the oilexploitation was vital for its growth. Some 3rd world countries areso poor, and lack such growth as Saudi Arabia, because they have low land, or insufficient resources to produce goods and havea higher output, and accordingly have a higher economic growth.Another supply expression factor determining the growth rate of countries islabour, i.e. the number of workers in an economy. more(prenominal) workers meanmore output, so should lead to economic growth. Growth rates indifferent countries may differ due to population differences, as aneconomy with a higher population, will have a large workforce. Somecountries have immigration laws which can help increase economicgrowth. For example, an economy can employ migrant labour, byallowing migrants into the country precisely if they are educated, and in aposition to work. This includes only letting jr. people into thecountry, so that there are... ..., and experiences high growth rates. China, one of the double-quick growing countries, also concentrates strongly on educatingpeople at a young age. Another factor influencing growth is the significan ce of internationaltrade. In countries that dont participate in international trade,such as , there is very slow or no economic growth. This isbecause it is very hard for one economy to produce all goods whichpeople require. It is unwrap to specialise in a few goods, use them,sell the surplus, and use the money to buy other goods from othereconomies, rather than the economy to produce everything itself, whichis very inefficient. In this country, there is a much slower rate ofeconomic growth compared to other countries. So altogether, there are many an(prenominal) factors influencing economic growth,and this leads to different growth rates in different countries.