Question

Explain any three determinants of economic development.

Answer 1

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.

Answer 2

Answer:

There are four major determinants of economic growth: human resources, natural resources, capital formation and technology.