Question

Explain any 3 determinants of economic development.

Answer 1

Explanation:

There are four major determinants of economic growth: human resources, natural resources, capital formation and technology, but the importance that researchers had given each determinant was always different.

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Answer 2

Answer:

There are four major determinants of economic growth: human resources, natural resources, capital formation and technology, but the importance that researchers had given each determinant was always different.

Some features of economic development are as follows:

- Economic development leads to better facilities, increase in per capita income and high economic growth.

- The economy can be transformed from agrarian to industrial.

- It also tends to more technology revolution that can ultimately increase the level of production.

- Overall development of a country can be increased.

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