question archive One of the factors that impact economic growth is changes to structure of economic production
One of the factors that impact economic growth is changes to structure of economic production
Subject:EconomicsPrice: Bought3
One of the factors that impact economic growth is changes to structure of economic production. Some examples of this include: changes in the relative demands for different goods and services, changes in technology, changes in the relative prices of raw materials, and changes in the sectoral composition of production.
During the health pandemic we saw temporary examples of how firms switched to production from their usual business products to the production of health goods such as masks, alcohol, sanitizer etc. to respond to the spike in demand for these goods and the economic environment, which perhaps resulted in the demand for their own goods suddenly disappearing.
Discuss how you think the sectoral composition of production in Canada may change more permanently post- COVID-19.
