Explain the factors influencing on economic development
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Improvements and increased investment in physical capital - such as roadways, machinery and factories - will reduce the cost and increase the efficiency of economic output. Factories and equipment that are modern and well-maintained are more productive than physical labor. Higher productivity leads to increased output.
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Factors influencing economic development of a country....
1) population size
2) economic resources
3) global situation
4) cooperation with other countries
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