What are the factors in economic development?

Question

What are the factors in economic development?

Answer 1

I don't know if you're looking for a specific answer.. but for a country to develop economically, it is usually a very long and tedious process. Usually it stems from the type of government (ie. how stable it is.. how powerful it is.. etc.), the abundance of people/resources or the general infrastructure of said country. With and increase in general services available to a country comes better living conditions and more job opportunity... which allows a country to develop in multiple areas for creating new jobs. Transportation also becomes a factor at this point because a better transportation system (ie. highways,bridges,airports,canals... etc.) becomes a vital importance when a country is looking to improve their economy. With a stronger infrastructure... and a skilled workforce a country becomes much more attractive for businesses looking to expand and other countries to trade with... (Very summarized answer, but I hope it helped).

Answer 2

economic development is using existing previously unused resources to increase the productive capacity of the economy also new or improved resources can be used...

economic development is helped by new training methods, better education, discovery of natural resources and improved technology...

economic development causes the production possibility curve (PPC) to shift outwards and a decrease in x-inefficiency through which the costs of production are reduced and economic efficiency is achieved within the economy.