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Economic Growth (Consumer goods and Capital goods (Capital goods are used…
Economic Growth
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Productivity
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Production Function: Y=AF [(K,L,H,N)/L] *
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Research and Development
Basic research
Seeks for particular questions, in firms
Applied research
For knowledge, in University and government
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-Increase the amount and quality of resource
-Improvement of technology
-Improvement of " the rule of the world"