The prompt examines the impact of the under-listed factors that relate to the development of an economy.
What is Development?
Simply put, development is the process that facilitates growth, positive change, progress, and the addition of social, economic, environmental and demographic components that advance or improve the quality of life.
This is how the following factors influence development:
Population growth:
Rapid population growth slows down development because it puts pressure on scarce resources, hence making it difficult to hose between satisfying pressing needs or investing for a better quality of life in the future.
Physical Capital:
This is crucial to development because it fast tracks productivity and aids economic growth.
Human Capital:
Human capital has a positive correlation to development because as the quality of human capital increases, so does the ability of the economy to expand grows.
Political Factors:
This factor in most cases triggers negative spirals for most countries especially developing ones. Political factors can sometimes introduce elements that exacerbate risk of doing business thus leading to economic losses.
Economic Factors:
When the economy is operating efficiently, it translates to higher development and productivity.
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