Question

On what factors economic development depends?

Answer 1

Dear student. 1. Resource is an important criteria for the economic development of a country.A country which is rich in resources can make the economy grow faster provided these resources are utilised properly and investments are made in new resources..2.For proper utilisation and exploitation of resources suitable skills and technology are required.When resources are utilised properly, then the production rate also increases because most of these resources serve as raw material for industries. It, therefore, brings profit and economic development to the country. 3.Natural resources like minerals, human resource is also very important for the economic development of a country. 4.Highly educated and skilled human resources can accelerate the process of economic development even in the absence of natural resources. Regards