Which of the following statements define the term ‘Solow-Swan Model’?
1
It describes how much output is produced for any given amounts of factor inputs productivity.
2
It says that economic growth occurs by increasing either the capital stock or the size of the labor force, or both.
3
The rate of economic growth depends on two things i.e. Level of Savings and Capital-Output Ratio.
4
Changes in the level of output in an economy is the result of changes in the population growth, capital and technology.