Question

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Explain any 5 factors that affect the economic growth of a country and Did democracy overcome the economic problems ? Explain.

Each point should be well explained with reason.

Class 10th
Chapter - Outcomes of Democracy.

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Answer 1

Answer:

●(a) Human Resource:

☛Refers to one of the most important determinant of economic growth of a country. The quality and quantity of available human resource can directly affect the growth of an economy.

● (b) Natural Resources:

☛Affect the economic growth of a country to a large extent. Natural resources involve resources that are produced by nature either on the land or beneath the land.

●(c) Capital Formation:

☛Involves land, building, machinery, power, transportation, and medium of communication. Producing and acquiring all these manmade products is termed as capital formation.

●(d) Technological Development:

☛Refers to one of the important factors that affect the growth of an economy. Technology involves application of scientific methods and production techniques

●(e) Social and Political Factors:

☛Play a crucial role in economic growth of a country. Social factors involve customs, traditions, values and beliefs, which contribute to the growth of an economy to a considerable extent.

Answer 2

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The five factors that affect the economic growth of a country are :-

• The Education of a nation :-

The major source of income of a country is the knowledge, without knowledge the economic rate fall down, the most important source of income is technology & education. The educated builders, built monument can make tourism. The web developer, IAS officers, The business man, etc. are the source growth of economies.

• Good health of every citizen :-

The more a person is healthy the more good he performs his work. The healthy person works more efficiently & perform a lot of work in a better way. As we saw pandemic of 2020 due to covid 19 which falls the economic rate of many countries.Health is the most important factor in the development of a country.

• A united nation :-

The more we are united, the more we cooperate each other & the unity helps in better cooperation, which helps us in exchange of money of a nation. The unity helps in exchange of money by trade, better business etc.

• Good Political leaders :-

If we are having a good political leader, our nation will reach the heights in developing. A good leader will guide a country in a better way & grow the economic rate of a country.

• Resources of the nation :-

The more we have resources the more we can do production. The economic development of a country depends on the quantity of production. The more we produce, the more we gain.

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Democracy accumulates the human capital, GDP, natural resources, & low consistency which lower down the income. By democracy, we get more freedom which is a good source of economical growth. It estimates & help to reach the money to reach every individual equally whereas the dictator rule creates inequality & to the unpaid services by forceful action. Hence, democracy helps us to overcome the economic problems.

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