Economic growth

We have described economic growth as a function of increased worker productivity, and have argued that worker productivity has risen due to increased levels of capital and technology. We have argued that the more capital a country has, the more it will be able to produce. This is true on a macro level, but also on a micro level that is, our individual productivity also increases when we acquire machines that help us be productive.

What machine(s) do you use in your daily life that help(s) you be more productive? Please be specific.
Without this/these machine(s), what would you be unable to produce or do? Would you have to give up some leisure activities?
Can you think of any machines that you could buy (thereby accumulating more capital), that would help you produce more? Would you be likely to experience diminishing returns? Why or why not?

Sample Solution

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