Name and explain how four of these factors, discussed in this course, cause economic progress.

The business cycle,

the short-run alternation between recessions and expansions

Long-Run Economic Growth

Inflation and Deflation

labor productivity, or productivity

Human capital

1. What is the most important factor in causing economic progress that has been discussed in this course?

1. Why is it the most important factor?

Read chapters 6 (pp. 177-179) and 9 (pp. 241-264) in Krugman and pp. 63-67 and 634-639 in Reisman's book before answering this question. (No more than two pages)