Importance of economic infrastructure in modern economy
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Infrastructure in the basic requirement for any economic growth in the economy. It means those basic facilities and services which help in production of any economic activity, hence, it facilitates production through the creation of positive external economies.
The developed countries are considered those which have strong socio-economic infrastructure as it aids in the development of health, education, transportation, communication etc.
An example would be a railway system near coal mines so that transportation cost of coal can be reduced.
The developed countries are considered those which have strong socio-economic infrastructure as it aids in the development of health, education, transportation, communication etc.
An example would be a railway system near coal mines so that transportation cost of coal can be reduced.
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