Economic growth is definite as a growth in the volume of an economy to manufacture products and facilities in a definite era of time often termed as the fiscal year.
In economic terms, economic growth or development is referred to a long span increase in the industrious prospective of the economy of the country to fulfill the needs of everyone in the community. Continuous economic development of a nation has an optimistic influence on the domestic revenue and employment opportunities, which additionally outcomes in advanced and improved living morals(“Economic Growth,” n.d.)
Below are some of the significant features that affect the economic development of a nation:
It is referred to as one of the furthermost significant determinants of the economic development of a nation. The feature and number of accessible human resource can straightly affect the development of the economy of the country.
It disturbs the economic development of a nation to a great extent. Natural assets include resources that are being produced by Mother Nature anywhere on the terrestrial or underneath the terrestrial. The resources on land comprised of plants, landscape, and water resources.
It includes terrestrial, structures, equipment, electric power, transport means, and mode of communicating with each other. Manufacturing and attaining all these man-made goods are labeled as capital development. Capital development upsurges the accessibility of wealth per employee, which additionally upsurges capital to labor proportion.
It is referred as one of the significant features that disturb the development of the economy of the country. Expertise involves the use of scientific approaches and manufacturing methods. In other terms, technology can be defined as nature and type of technological tools used by a firm quantity of workforce.
Social and Political Aspects:
They play a vital part in the economic development of a nation. Social aspects include customs, conducts, standards, and opinions, which take part in the development of an economy to a substantial degree(“5 Factors that Affect the Economic Growth of a Country,” 2015.
5 Factors that Affect the Economic Growth of a Country. (2015, January 10). Retrieved September 19, 2017, from http://www.economicsdiscussion.net/economic-growth/5-factors-that-affect-the-economic-growth-of-a-country/4199
Economic Growth. (n.d.). Retrieved September 19, 2017, from http://www.investopedia.com/terms/e/economicgrowth.asp