Development of a country Essays

Development of a country Essays Development of a country Essay Development of a country Essay The key to economic development varies, to some certain extent, by country and region. Each country has achieved its own current level of economic development and its own assets and resources, strengths and liabilities. With these things In mind, each country and region must decide how to allocate resources and take the next steps In economic development. It is only then, that a country can move forward with Its development. There are, however, certain crucial factors necessary to basic economic development and which are always Important in moving ahead. These can e classified into four basic elements education, Infrastructure, resources and capital. The first element being education would be one of the key aspects to economic development. The more educated a potential workforce of a country Is, the more attractive It Is to potential employers. A more educated workforce can also expect higher pay levels, which helps to stimulate the countrys overall economic activity. Besides the direct economic benefits of high literacy levels, there are Indirect benefits such as an improvement In public health, and a better understanding mongo the public and its leaders of how to effectively and efficiently utilize resources. Infrastructure, economic and social I. E. , are both important factors for a countrys basic economic development. Physical economic infrastructure includes factories, roads, bridges, ports and other basics that allow people to move goods to markets where they can be then sold. Economic infrastructure also includes things like banks and other lending institutions that help to raise capital and facilitate financial transactions. Social infrastructure is also important but it is also often overlooked. It includes basic elements of a civil society such as stable local and national governments, and institutions that help to organize society and advance its interests. 00 The third element would be resources of any given country. Resources are a basic essential for economic development. Hypothetically, a country cannot be formed, nor would it find economic development to be easy, from scratch, unless large amounts of capital were available, along with valuable resources. In many cases, resources mean natural resources such as water, farmland, oil or valuable minerals. Resources, though, do not have to mean natural products that are harvested and sold. An educated workforce and good infrastructure are both resources. As a term, an educated population would refer to human capital, or human resources. Also, the land itself can be a resource in the case of tourist destinations, if there is capital to build resorts, amusement parks, golf courses and other tourist draws. CO Capital, for these purposes, means cash. In order to take the basic steps to develop resources, I. E. Advancing education or building Infrastructure, there must be some amount of money to fund It. Of course, the effective use of that capital Is also Important. In the early stages, knowing where and how to effectively use the capital will help determine whether or not It contributes to long-term economic development. The essential Idea, though, Is that some amount of capital must be available for economic development to occur. And this capital must be sustained, In the sense it must be strengthened and supported over the years. In order for economic development to exist as a continuous process. Development of a country By alliterations and its own assets and resources, strengths and liabilities. With these things in mind, steps in economic development. It is only then, that a country can move forward with its development. There are, however, certain crucial factors necessary to basic economic development and which are always important in moving ahead. These can e classified into four basic elements education, infrastructure, resources and economic development. The more educated a potential workforce of a country is, the more attractive it is to potential employers. A more educated workforce can also activity. Besides the direct economic benefits of high literacy levels, there are indirect benefits such as an improvement in public health, and a better understanding countrys basic economic development. Physical economic infrastructure includes other tourist draws. 00 Capital, for these purposes, means cash. In order to take the basic steps to develop resources, I. E. Advancing education or building infrastructure, there must be some amount of money to fund it. Of course, the effective use of that capital is also important. In the early stages, knowing where and how to effectively use the capital will help determine whether or not it contributes to long-term economic development.