what is factor affecting devolopment
Answers
Environmental, economic, social and political factors affecting development – global imbalance of trade between different parts of the world. Environmental factors affecting development – the impact of natural hazards. The physical environment can have a direct impact upon the development of a place.
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In economics, economic growth refers to a long-term expansion in the productive potential of the economy to satisfy the wants of individuals in the society. Sustained economic growth of a country’ has a positive impact on the national income and level of employment, which further results in higher living standards.
Following are some of the important factors that affect the economic growth of a country:
(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. The resources on land include plants, water resources and landscape.
(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. In other words, technology can be defined as nature and type of technical instruments used by a certain amount of labor.
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