00:01
Why is economic growth important? economic growth is needed to better satisfy the wants and needs of a growing population.
00:11
With economic growth, society gets more goods that can be used to satisfy more wants and needs.
00:15
People are better off, living standards rise, and scarcity is less of a problem.
00:21
Economic growth is achieved by increasing the economy's ability to produce goods and services.
00:26
This goal is best indicated by measuring the growth rate of population.
00:29
If the economy produces more goods this year than last, then it is growing.
00:36
Economic growth is also indicated by increases in the quantities of the resources, labor, capital, land, and entrepreneurship used to produce goods.
00:46
Human capital is an important ingredient of economic growth.
00:50
Investment in human capital is of immense important for achieving economic growth.
00:55
By investing in the education and health of people, it leads to the development of human capital formation.
01:02
This is because if expenditure is incurred on improving the health standards of working population, this will increase the labor productivity.
01:10
Due to better health standards and facilities, labor will fall less sick and remain healthy.
01:16
Thus, they will take less sleeves, therefore enhancing the productivity and resulting in increased economic growth...