Question: What Are The Factors Affecting Economic Development Of A Country?

What are the main determinants of economic growth?

There are four major determinants of economic growth: human resources, natural resources, capital formation and technology, but the importance that researchers had given each determinant was always different..

What are the factors affecting development of a country?

Factors that Influence the Economic Development of a Country1) Capital Formation:2) Natural Resources:3) Marketable Surplus of Agriculture:4) Conditions in Foreign Trade:5) Economic System:1) Human Resources:2) Technical Know-How and General Education:3) Political Freedom:More items…

What are the factors affecting development?

Here are a few factors affecting children’s growth and development.Heredity. Heredity is the transmission of physical characteristics from parents to children through their genes. … Environment. … Sex. … Exercise and Health. … Hormones. … Nutrition. … Familial Influence. … Geographical Influences.More items…•

What factors affected the world economy?

Factors affecting global economyNatural resources;Infrastructure;Population;Labour;Human capital;Technology;Law.

What are the three factors that influence economic growth?

There are three main factors that drive economic growth:Accumulation of capital stock.Increases in labor inputs, such as workers or hours worked.Technological advancement.

What are the 4 factors of economic growth?

Economic growth only comes from increasing the quality and quantity of the factors of production, which consist of four broad types: land, labor, capital, and entrepreneurship. The factors of production are the resources used in creating or manufacturing a good or service in an economy.

What are the main causes of economic growth?

Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity (output per hour worked) of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income.

What are the factors that affect economic development?

Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology.

What are the factors that hinder economic development?

The paper finds that public borrowing, trade deficit, military expenditures, population, political instability, corruption, the high dependency on natural resources and the low level of technological innovation, all hinder GDP in the long run.

What are five factors that affect your development?

Five main factors identified in contributing to growth and developments at early childhood are nutrition, parent’s behaviours, parenting, social and cultural practices, and environment.

What are the 4 main factors that affect personality development?

Heredity, birth order, parents, and the cultural environment are among the principal factors that social scientists see influencing personality and behavior. Everyone has certain characteristics that are present at birth. These hereditary characteristics include body build, hair type, eye color, and skin pigmentation.

What is the most important influence on child development?

Children’s early experiences and relationships in the first five years of life are critical for development. In the early years, your child’s main way of learning and developing is through play. Other influences on development include genes, nutrition, physical activity, health and community.