The impact of resource utilization on economic growth
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The impact of resource utilization on economic growth
Description/Paper Instructions
Economic growth is an increase in a country’s production capacity, typically measured by Gross Domestic Product (GDP) over a certain period of time. Resource utilization refers to the process of using natural, human, financial, and technological resources to produce goods and services. In this context, resource utilization plays a crucial role in economic growth as it determines the level of production capacity and thus the ability of an economy to grow.
One of the most significant ways in which resource utilization affects economic growth is through investment in physical capital. Physical capital refers to the tools, machines, and factories that are used to produce goods and services. When an economy invests in physical capital, its production capacity increases, which can lead to higher economic growth. For example, if a country invests in new technology and machines, it can produce more goods and services, leading to an increase in GDP.
Human capital, or the knowledge and skills of the labor force, also plays a significant role in resource utilization and economic growth. A well-educated and skilled workforce can be more productive and efficient, leading to higher output and growth. Conversely, a poorly educated workforce may limit the utilization of other resources and reduce economic growth. The investment in education and training can increase human capital, leading to higher productivity and economic growth.
Natural resources, such as land, minerals, and oil, also play a role in resource utilization and economic growth. A country that is rich in natural resources can use them to produce goods and services, leading to higher economic growth. However, the effective utilization of natural resources requires technology and investment. If a country lacks the resources and investment to exploit its natural resources, it may not see the same level of economic growth as a country with a more favorable resource endowment.
Financial resources are also critical in resource utilization and economic growth. Investment in physical capital and human capital requires financial resources. The availability of capital and credit can influence the level of investment, which can affect economic growth. For example, if a country has a stable financial system and access to credit, it can invest more in physical capital and human capital, leading to higher economic growth.
Technological advancement is another critical factor in resource utilization and economic growth. Technological advances can increase productivity, reduce costs, and improve the quality of goods and services. This can lead to higher economic growth, as the increased production capacity can result in more goods and services being produced. Technological advances also create new industries and products, leading to additional economic growth.
In conclusion, resource utilization plays a crucial role in economic growth. The effective utilization of natural, human, financial, and technological resources can increase production capacity and lead to higher economic growth. On the other hand, the lack of effective resource utilization can limit economic growth. Thus, it is essential for countries to focus on maximizing the utilization of resources to promote economic growth.
The impact of resource utilization on economic growth
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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