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COLLEGE OF ADMINISTRATIVE AND FINANCIAL SCIENCES

Week 8, 1st Trimester, AY 2021-22
HOMEWORK NO. 2
MARKS

COURSE CODE BSIB522 COURSE TITLE PHILOSOPHY OF BUSINESS AND WEALTH OF

NATIONS

SECTION FB TIME DAYS ROOM

STUDENT NAME ID NO. DATE

CAUSES OF ECONOMIC GROWTH

TOPIC
HOME WORK
1. 1. Economic growth of a country is measured by its GDP. Criticall
DIRECTION &
y analyse the impact of each factors of economic growth
REQUIREMENT/S on a nation’s GDP with suitable examples. (analyse the impact of each factor on GDP
with suitable example) (4*5=20 marks)

ASSIGNMENT The following six causes of economic growth are key components in an economy. Improving
OUTPUT
1. Natural Resources
The discovery of more natural resources like oil, or mineral deposits may boost economic gr
resources include land, water, forests and natural gas.

Realistically, it is difficult, if not impossible, to increase the number of natural resources i

scarce natural resources to avoid depleting them. Improved land management may improve

For example, Saudi Arabia’s economy has historically been dependent on its oil deposits.

2. Physical Capital or Infrastructure

Increased investment in physical capital, such as factories, machinery, and roads, will lo
productive than physical labor. This higher productivity can increase output. For examp
materials or goods across the country, which can increase its GDP.

3. Population or Labor
A growing population means there is an increase in the availability of workers or employees
is that it could lead to high unemployment.

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COLLEGE OF ADMINISTRATIVE AND FINANCIAL SCIENCES
Week 8, 1st Trimester, AY 2021-22
HOMEWORK NO. 2
MARKS

COURSE CODE BSIB522 COURSE TITLE PHILOSOPHY OF BUSINESS AND WEALTH OF

NATIONS

SECTION FB TIME DAYS ROOM

STUDENT NAME ID NO. DATE

4. Human Capital
An increase in investment in human capital can improve the quality of the labor force. T
training. A skilled labor force has a significant effect on growth since skilled workers are m
academies would increase the availability of workers for higher-skilled jobs that pay more th

5. Technology
Another influential factor is the improvement of technology. The technology could increa
development. This increment means factories can be more productive at lower costs. Techn

6. Law
An institutional framework that regulates economic activity such as rules and laws. There is

STUDENTS WILL ANSWER BASED THEIR OPPINION AND UNDERSTANDING

RUBRIC / MARKING SCHEME
(See marking Scheme)

 Answer all questions in complete sentences.

 Demonstrate an outstanding knowledge of the material(s).
 Have minimal spelling and/or grammar mistakes.
 Use the question in your answer.
 Uses specific examples from the text as proof.
 Provide detailed/clear explanation of your answer.
 Answer most of the questions in complete sentences.
 Demonstrate an above average knowledge of the material(s).
 Have few spelling and/or grammar mistakes.
 Use general examples or paraphrases from the text.
 Provide an explanation of your answer.
 Answer some of the questions in complete sentences.
 Demonstrate some basic idea of the material(s).
 May have some spelling and/or grammar mistakes. (It’s not that hard
 Use vague examples or references from the text.
 Provide a vague explanation.
 Answer the questions.
 Demonstrate only a clue.
 Have something down on paper that resembles words.
 Use the slightest references to the text.
 Incomplete sentence/s. It’s jibberish and makes NO sense.

2
 20
COLLEGE OF ADMINISTRATIVE AND FINANCIAL SCIENCES
Week 8, 1st Trimester, AY 2021-22
HOMEWORK NO. 2
MARKS

COURSE CODE BSIB522 COURSE TITLE PHILOSOPHY OF BUSINESS AND WEALTH OF

NATIONS

SECTION FB TIME DAYS ROOM

STUDENT NAME ID NO. DATE

LEARNING ASSESSMENT/MARKING