Economic factors in economic development include: Capital formation, Natural resources, Advertisement, Marketable Agricultural Surplus, Foreign Trade Terms, Economic system.
What is economic development and why is it important?
- Economic development is a key factor driving economic growth in the economy, creating new employment opportunities and improving quality of life, including improved access to opportunities created by economic growth for existing and future residents.
- For example, increased productivity, increased literacy, and improved public education are all results of a country's economic development.
Who Defined Economic Development?
- Meyer and Baldwin defined economic development as the process by which the real national income of an economy increases over time.
- This definition highlights three components of economic development: a) process, b) increase in real national income, c) time required for development.
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