what do you think is the importance of understanding the phases or stages of economic development?
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Answer:
Importance of Economic Development
The phases create a systematic illustration of the stages in economic development that can relay the content efficiently and effectively.
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Understanding how investment, logistics, and currency works can help develop you in an economic sense for every day life by allowing you to play on the system the way others do through things like sales, stock trade, and so on. Knowing the demand, projection, and supply as well as the value of a good can allow you to plan out when to buy that good for the best price to you. Understanding how people invest into the creation of such goods, and how they are processed/moved from producer to consumer can help you have a deeper appreciation for how it all works. Learning how investments are made can also help teach you how to invest properly in things you could use to better your life. From a car, to education, and even things like a store and home.
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