explain the factors affecting industrial development
Answers
Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology.
Environmental, economic, social and political factors affecting development – global imbalance of trade between different parts of the world. Environmental factors affecting development – the impact of natural hazards. The physical environment can have a direct impact upon the development of a place.
Here are the four factors that gave rise to industrialization: Political stability: Countries that industrialized did so in a political environment in which the government provided stability and law. Economic instability and changing laws would have made it more difficult for capitalists to start businesses.
The factors affecting Industrial Development are as follows :–
(1) Scientific and technological advancement, quantity and quality of labour, speedy transportation facilities, ready market, availability of raw materials, government policies, political stability, etc. are factors that influence the industrial development of a nation.
(2) For example, dense, forest areas, mountain areas, desert region have extreme physiographical features. Transport facilities are found to be limited in such regions. Therefore, industrial development is found to be limited in such regions.
(3) For example, agriculture is developed on a large scale in the fertile plains and the regions of moderate rainfall. Agriculture provides raw materials to many industries. Therefore, Industrial development is found to be high in such regions.