ECONOMICS questions Define ECONOMIC growth Economic system Labour Capital Economic development Division of labour Mobility of labour Entrepreneur Labour Immobility of labour 20ks

Here are the definitions for your economics terms:

• ECONOMIC growth: An increase in the production of economic goods and services in an economy over a period of time. It is typically measured as the percentage rate of increase in real Gross Domestic Product (GDP).

• Economic system: A system of production, resource allocation, and distribution of goods and services within a society. It determines how a country manages its resources and economy.

• Labour: The human effort, both physical and mental, used in the production of goods and services. It is one of the four factors of production.

• Capital: Man-made resources used in the production of other goods and services, such as machinery, tools, and buildings. It is another factor of production.

• Economic development: The process by which a nation improves the economic, political, and social well-being of its people. It involves improvements in living standards, education, and healthcare.

• Division of labour: The specialization of workers in specific tasks or stages of production. This often leads to increased efficiency and productivity.

• Mobility of labour: The ease with which workers can move between different jobs, occupations, or geographical locations. It can be occupational (changing jobs) or geographical (changing location).

• Entrepreneur: An individual who organizes, manages, and assumes the risks of a business venture. They combine the other factors of production (land, labor, capital) to create new goods or services.

• Labour: The human effort, both physical and mental, used in the production of goods and services. It is one of the four factors of production.

• Immobility of labour: The difficulty or inability of workers to move between different jobs, occupations, or geographical locations. This can be due to factors like lack of skills, housing costs, or family ties.