Explain any three determinants of economic development.
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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.
- 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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Answer:
There are four major determinants of economic growth: human resources, natural resources, capital formation and technology.
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