A basic precondition necessary to achieve economic growth is

Question

BlackTom AI · Accepted Answer

Consider what underpins sustained economic growth. 
Option 1: 'a well-functioning legal system.' A solid legal framework enables property rights, contract enforcement, and predictable rules, all of which reduce risk for investment and support efficient markets. This makes it a fundamental precondition for growth.
Option 2: 'well-being of society.' While important for overall development, broad well-being is a consequence that can follow growth rather than a single precondition; it does not by itself guarantee the institutions and incentives firms rely on.
Option 3: 'well-functioning factories.' Efficient production facilities are crucial for growth, but they depend on later-stage effects like capital accumulation, technology, and law-and-order. They are not the basic precondition at the outset.
Option 4: 'a strong central government that directs the nation’s research and development activities.' Central direction can aid development, yet growth often hinges more on rule of law and property rights; overcentralization can stifle innovation and efficiency, making this not the fundamental precondition.
Option 5: 'a well-organized work force.' A skilled labor force supports growth, but without reliable laws and institutions to protect investments and enforce contracts, the benefits of a skilled workforce may not fully materialize.
Thus, among the options, the most foundational precondition is a well-functioning legal system, since it establishes the stable framework needed for all other economic activities to take place effectively.

ECON 210-003 Homework 8

A basic precondition necessary to achieve economic growth is

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