Economy, asked by Alejandrorex, 1 year ago

what are the types of economic development

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Answered by shubhamranjan
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Economic development is the process of improving the quality of lifeof a nation, region or community. This typically involves objectives such as social well-being, economic growth and sustainability. The following are common types of economic development.

Infrastructure

Foundational services that improve theefficiency of an economy such as aninternet backbone.

Education

Institutions, systems, tools and facilities that support the acquisition ofknowledge and skills.

Health & Wellness

Healthcare such as hospitals and wellness programs such as after-school sports programs.

Justice

An open and fair system of law provided by law enforcement, administrative bodies, courts and other systems such as a human rights tribunal. Fairness is key, a justice system that isn't perceived as fair can hinder economic development.

Safety

The systems that make people feel they live in a safe and stable environment including areas such as crime prevention, disaster preparedness andinformation security.

Human Rights

Principles and frameworks that guarantee human rights such that people are free to pursue happiness. For example, a constitution that is upheld by the branches of government.

Consumer Protection

Regulating the quality, commercial terms and safety of products and services. For example, a system that ensures that food products are safe and healthy.

Fair Competition

Bodies that ensure free competition to prevent anti-competitive practices that inhibit the efficiency of markets.

Markets

Markets for securities, assets, goods and services that are fair, efficient andliquid.

Finance

Stable, reputable and efficient financial institutions and systems. For example, a nation where it is easy to get a loan when you are reasonably likely to pay it back.

Political Stability

A fair system of politics such that a population has trust in its leaders and administrators and feel that things are always getting better.

Culture

Preservation of the things that people value such as architecture, art, performance art, literature, festivals, rituals and pastimes. Support for creative pursuits and cultural industries.

Transportation

A transportation system that is accessible and efficient in terms of both time and money.

Energy

A system of energy production and distribution that provides ample energy without polluting the environment.

Water

Infrastructure that provides a region with water security such as infrastructure for groundwater recharge.

Food

Food security such as a region that grows much of its own food including a diversity
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