Economics HW help!!!!! =/

Question

4. Explain how the amount of capital increases, how human capital increases, and how technology advances.

5. What is the link between labor hours, labor productivity, and real GDP?

Answer 1

4:

Capital increases if part of output is used for investments, but only if this investment is higher than current capital stock depreciation level.

Human capital increases if people receive better education and gain more experience.

Technology advances if there are some research leading to discoveries of new, more efficient ways to produce products (also new, better product introduction).

5:

More worked hours means extensive RGDP growth.

Increase in productivity means intensive RGDP growth.

These two both are increasing (improving) output (RGDP) but differently.