A Country’s Standard Of Living Mankiw’s Ten Principles of Economics
The President of Lisavia (a small country) wants to increase productivity in his country. He has recently become aware of an economic principle that suggests that as a nation’s productivity rises, its income will rise and therefore its standard of living will also rise. You have just been appointed as the economic advisor for Lisavia. Discuss three economic policies you might advise the President to pursue in order for his country to achieve this increased standard of living.
Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience. Organize your response in a clear and logical manner as appropriate for the genre of writing. Use well-structured sentences, audience-appropriate language, and correct conventions of standard American English.
Please focus on the prompt provided above. Everything about the essay must be related to the prompt. And it will be summit to "write experience" (ONLINE) so keywords are very important. Please mention these in the essay.
1. Influences on Growth Rates
-Physical Capital per worker ( stock of equiptment and structure workers have access to )
-Human Capital (knowledge and skills of workers)
-Natural Resources per worker (Endowments from nature)
-Technological Knowledge (Society’s understanding of the best ways to produce output)
2. Physical Capital
-Saving and Investment (saving must equal investment)
-Investment from Abroad (firm direct investment FDI, a company from one country invest in another country)
-Stable Government (impacts both physical and human capital)
-Enforcement of Property Right (owner of property has control over that property)
-Free Trade (increases access to good/service)
-Research and Development
3. Human Capital
-Health and Nutrition
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