Factors of Economic Development - 1163 Words

Factors of economic development Economic development involves actions that are sustained and concerted by policy makers and the entire community. These actions lead to improved standards of living as well as the economic health within a specified area either in the local, regional or global environment. Economic development can also be termed as the qualitative and quantitative changes that occur within an economy. For economic development to take place there has to be contributions by various factors. Some these factors can lead to economic development if they are appropriately managed (Mohr, 2012). There is a lot of interest in macroeconomics when it comes to these factors of economic development. Macroeconomics deals with performance, behavior, structure and the entire decision making of an economy in general as opposed to looking at individual markets. This encompasses national, regional as well as the global economies. Through microeconomic there is the aggregation of indicators like GDP, price indexes and the rates of unemployment that enable the understanding of the functioning of the entire economy. This paper will look at various factors of economic development and how they contribute to economic development. Good government The system of government that is found within a country is a major determinant of the economic development that can take place within the country. This is because; most of the industries in a country are under the control of the governmentShow MoreRelatedsummarise main development, analyse key social, economic and environmental factors which may influence development712 Words   |  3 Pagesï » ¿Summarise the Main Development of a Child from the Age range 0-2, 3-5, 5-8 Years From birth a baby can only lie on its back, by the end of 3months they start to lift their heads and kick their feet. At 3-6 months they can hold objects and transfer them from one hand to another. They also start to attempt to put objects in their mouths. At 9-12 months babies usually become more mobile by rolling, shuffling, or crawling. They can generally sit unaided for a length of time. Between 1-2 yrsRead MoreAssess the Effect of Three Factors Which May Limit Economic Development in Developing Countries2008 Words   |  9 Pagesthree factors which might limit economic development in the developing countries. Economic development can be defined generally as involving an improvement in economic welfare, measured using a variety of indices, such as the Human Development Index (HDI). A developing country is described as a nation with a lower standard of living, underdeveloped industrial base, and a low HDI relative to other countries. There are several factors which may have the effect of limiting economic development in suchRead MoreAssess The Significance Of Three Factors Which Might Limit Economic Development In The Developing Countries2005 Words   |  9 Pagesthree factors which might limit economic development in the developing countries. Economic development can be defined generally as involving an improvement in economic welfare, measured using a variety of indices, such as the Human Development Index (HDI). A developing country is described as a nation with a lower standard of living, underdeveloped industrial base, and a low HDI relative to other countries. There are several factors which may have the effect of limiting economic development in suchRead MoreBest Route for Economic Development for Poor Countries1724 Words   |  7 Pagesilliberal democracy or authoritarian rule is the best route to economic development for low income countries Introduction Democracy and economic development are two concepts that were not related initially, however, with the rise of democracies and the subsequent economic development there is an established correlation between the two concepts. The question that this paper will seek to address is â€Å"which is the best regime for economic development†. In responding tothis question it is significant to firstRead MoreProblems Associated With Geography And Economic Development Across Countries1431 Words   |  6 PagesDo you agree that twentieth century divergence in economic development across countries was largely the result of geographic factors? The traditional view associated with geography and economic development across countries is that distance has played a huge role in creating disparities in terms of location . However, this interpretation is questioned by some who note that the failure of developing economies can be attributed to the persistent problem of institutional failure, which prevents individualsRead MoreWhat Does The Study of Regional Economy Teach Us?1436 Words   |  6 Pagesregional science help us understand? What are the three â€Å"building blocks† that underlie the complex patterns of location of economic activity? Should jobs move to people or should people move to jobs? Regional science is a sub field of social sciences that analyzes approaches to urban, rural, or regional problems. It involves the study of spatial patters to analyze the economic factors of a region. The study of regional science is necessary to improve the economy in todays competitive global market. ThisRead MoreSources Of Economic Growth And Social Justice Essay1402 Words   |  6 Pages3.1 Sources of Economic Growth and Social-Justice Egyptian per-capita income has been significantly improved in the second half of the first decade of 21st century, as it recorded, in average, $1984 (standard deviation $167), compared to $1312 (standard deviation $597), in average, during the first half of the decade. Figure (1) illustrates the development of per-capita income through the first decade of 21th century and it shows that per-capita income growth rates were, in most, negative duringRead MoreEcon3109 Course Notes Essay1064 Words   |  5 Pages1. Economic Growth, Technology and Structural Change Economic Development: Growth is associated with structural, social change and change in the important institutions of the economy. These institutions evolve within the development process. Institutions are the result of past historical and social developments. Since different countries have different pasts, institutions will vary. â€Å"Development is about improving the quality of people’s lives, expanding their ability to shape their ownRead MoreEcnomic Growth1252 Words   |  6 Pages------------------------------------------------- Economic Development ------------------------------------------------- Definition of Economic Development Economic development is a process of economic transition involving structural transformation of an economy through industrialization, raising gross national product and per capital income. According to Lewis, Economic development means increase in output per head. According to Micheal Todaro, Economic development must be conceived of as a multi-dimensionalRead MorePestle Analysis867 Words   |  4 Pagestool that acts as a prompt to the staff and governors involved in the analysis of the developments in the school’s environment that could affect its risk profile. It may help them carry out a more comprehensive analysis. The initials stand for: Political e.g. a new government initiative creates the risk that the school may fail to deliver the policy or be diverted away from local priorities etc. Economic e.g. central or local government funding decisions may affect school finances, closure