Question

the secret to economic growth: the output from a given set of resources in a given period of time. productivity means that greater outputs are produced from a given set of resources in a given period of time. explain the tractors - old tractors that were driven by horses took about 2 days when needed to plow one acre, new tractors now only take about a couple of hours. path to growth low productivity: - hands - sown - done by hand - lot of workers - slower - less productive high productivity: - lot of machinery - few workers - faster - more productive key to productivity: institutions the formal and informal
ules of the game\ that and outline expected and acceptable forms of behavior in social interaction - our institutions help protect property rights. institutions that matter for economic growth: - private property - rule of law - open markets - (voluntary exchange/ freedom to choose) how does economic growth get rid of poverty?

Explanation:

Economic growth is linked to productivity. High - productivity setups use machinery, have fewer workers, are faster and more productive compared to low - productivity ones that rely on hand - work and many workers. Institutions like private property, rule of law, and open markets are key to productivity and economic growth. Economic growth can reduce poverty by increasing overall output and income levels, creating more job opportunities, and improving living standards.

Answer:

Economic growth gets rid of poverty by increasing output and income, creating jobs, and improving living standards through higher productivity and beneficial institutions.