Explain the vicious circle of poverty. Why is this concept the hardest for a developing country to overcome? What are the major factors at play at enhancing economic backwardness. Give possible solutions.
Answers
Answer:
“It implies circular constellation of forces tending to act and react one another in such a way as to keep a poor country in a state of poverty.
Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology. Highly developed countries have governments that focus on these areas.
Answer:
It is implies circular constellation of force tending to act and react one another in such a way as to keep a poor country in a state of poverty.
Corruption ,proverty, war, hunger, healthcare, education ,safety ,these are only few a problem faced by people in developing countries.
This major factors at played at enhancing economic backwardness is associated with lack of education , high divorce rate , a culture of proverty, illiteracy, overpopulation, diseases such as AIDS and malaria and environmental problems such as lack of rainfall.