Citizens of a nation are working hard to live and survive. In the process, this helps the economy to grow. Alongside growing economy, it puts money in people’s pockets.
At the same time, it gives the unemployed easier time of landing a job and lastly, families can save for retirement or prepare for their children’s education.
Driving Factors of Economic Growth
The question is what exactly makes the economy to grow? There’s no need for one to secure an economics degree to understand and answer this question. It’s purely common sense.
A country’s economy grows when businesses and individuals have succeeded in recognizing new opportunities and markets and accepted the associated risks to go after these opportunities. Both have the same goal, to earn better income.
Give and Take
Every element is vital. Just an absence of a single element would hamper the odds of reaching economic success. For instance, for an economy to grow, whenever an opportunity becomes available, someone has to meet the need and facilitate the resources to keep up with it.
As for suppliers to do the same, they have to be in a marketplace to which suppliers are meeting prospective buyers and settle on good pricing. Suppliers know the risks and should have confidence in accepting these challenges and risks.