What Are The Economic Factors Of Development?

What are the economic and non economic factors of development?

There are mainly two types of determinants (factors) which influence the economic development of a country….B) Non-Economic Factors in Economic Development: Human Resources: ADVERTISEMENTS: …

Technical Know-How and General Education: …

Political Freedom: …

Social Organisation: …

Corruption: …

Desire to Develop:.

What are examples of economic factors?

Examples of Economic FactorsTax Rate.Exchange Rate.Inflation.Labor.Demand/ Supply.Wages.Law and policies.Governmental Activity.More items…

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 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 are the three economic factors?

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land.

What are the factors affecting economic development?

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