Question

Non-economic factors are as much important in economic development as economic factors. Comment.​

Answer 1

Answer:

1) Capital Formation:

The strategic role of capital in raising the level of production has traditionally been acknowledged in economics. It is now universally admitted that a country which wants to accelerate the pace of growth, has m choice but to save a high ratio-of its income, with the objective of raising the level of investment.

2) Natural Resources:

The principal factor affecting the development of an economy is the natural resources. Among the natural resources, the land area and the quality of the soil, forest wealth, good river system, minerals and oil-resources, good and bracing climate, etc., are included

.3) Marketable Surplus of Agriculture:

Increase in agricultural production accompanied by a rise in productivity is important from the point of view of the development of a country. But what is more important is that the marketable surplus of agriculture increases

Answer 2

Answer:

Some of the major non-economic factors with a

significant impact on economic growth and

social development are: culture, religion, the

role of family, class, tradition, role of the

individual, social and political dependence, the

role of government, religion, language as a

resource of human capital, corruption, factors