Economic Growth Is A Priority For Nations Around The Globe Essay example

1941 Words 8 Pages
Economic growth is a priority for nations around the globe. Nations are trying to increase the amount of goods and services produced per head of the population over a period of time. There are two major key components in order for economic growth to take place. These key components are innovation and creativity. Nations as well as organizations must always look for ways to stay ahead since there is always a competitive market. One is aware that resources are scarce. With this in mind, companies must be creative in order to be successful and stay a competitive business.

Question No. 1
Society wants the newest goods and services and as a consequence organizations as well as nations around the globe are fighting to stay competitive. Competitiveness is defined as the set of institutions, polices, and factors that determine the level of productivity of a country. (Martin-I-Sala, Xavier pg. 22) Once a year a global competitiveness index comes out ranking all countries around the globe. For example, in the year 2015-2016 the World Economic Forum ranked the United States as number three with a score of 5.6. (World Economic Forum) There is a ranking system that consists of twelve pillars. These pillars are; institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication, and…

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