Capitailist - This system works under private authority and its aim is to earn maximum profit.
The following conditions must be satisfied for attaining technological advancement in a country: As underdeveloped countries have failed to fulfill these conditions thus their development process is neither self-sustaining nor cumulative. Thus in order to attain a higher rate of development, the underdeveloped countries should adapt only that type of technology which can suit their requirements.
Developing countries like Mexico, Brazil and India have been applying technologies developed by advanced countries as per their own conditions and requirements.
Thus to attain a high level of economic development, the under-developed countries should try to achieve technological progress at a quicker pace. In recent years, economic planning has been playing an Different economic factors essay role in accelerating the pace of economic development in different countries.
Economic development is considered as an important strategy for building various social and economic overhead infrastructural facilities along with the development of both agricultural, industrial and services sectors in a balanced manner. Planning is also essential for mobilisation of resources, capital formation and also to raise the volume of investment required for accelerating the pace of development.
Countries like former U. The present situation in the world economy necessitates active support of external factors for sustaining a satisfactory rate of economic growth in underdeveloped economies. Moreover, domestic resources alone cannot meet the entire requirement of resources necessary for economic development.
Therefore, at certain levels, availability of foreign resources broadly determines the level of economic development in a country. The external factors which are playing important role in sustaining the economic development include: Economic factors alone are not sufficient for determining the process of economic development in a country.
In order to attain economic development proper social and political climate must be provided. The people of a country must desire progress and their social, economic, legal and political situations must be favourable to it.
It is spirit itself that builds the body. Thus in order to attain economic growth, raising the level of investment alone is not sufficient rather it is also equally important to gradually transform outdated social, religious and political institution which put hindrances in the path of economic progress.
Thus following are some of the important non-economic factors determining the pace of economic development in a country: It is the mental urge for development of the people in general that is playing an important determinant for initiating and accelerating the process of economic development.
In order to attain economic progress, people must be ready to bear both the sufferings and convenience. Experimental outlook, necessary for economic development must grow with the spread of education. Economic progress is very much associated with the spread of education. Thus education is working as an engine for economic development.
In this connection, Prof. So, education plays pioneer role for the creation of human capital and social progress which in turn determines the progress of the country. Changes in Social and Institutional Factors: Conservative and rigid social and institutional set up like joint family system, caste system, traditional values of life, irrational behaviour etc.
Thus to bring social and institutional change as per changing environment and to realise the modern values of life are very much important for accelerating the pace of economic development in a country.Learn more about the different types of essays.
Analytical Essay Argumentative Expository Essay Exemplification. Cause & Effect Illustration Essay Process Essay. Descriptive Essay This connotes that economic factors influence the nature and form of all social patterns and control all other aspects of .
The economic environment consists of external factors in a business market and the broader economy that can influence a business.
You can divide the economic environment into the microeconomic. Different types of economic systems include: Traditional Economy System: A very clear-cut type of economic system. It is not dynamic and relies entirely upon the traditions of the people and the.
Global Factors and Strategy. Businesses are affected by an external environment as much as they are affected by the competitors. Global factors influencing business are . Socio-economic class or socio-economic status (SES) may refer to mixture of various factors such as poverty, occupation and environment.
It is a way of measuring the standard and quality of life of individuals and families in society using social and economic factors that affect health and wellbeing.
The Economic And Market Factors Economics Essay Abstract. Under laissez faire free economy, the Hong Kong government has applied different measures to ensure affordability in public Rental Housing (PRH), in rent setting as well as various subsidized-ownership programmes.