Factors For Economic And Social Development

The economic and social development will take place if the following vectors will be available

Land

This is the basic fundermental factor for economic development in the society it is the basic factor because nearly all social and economic activities are taking place on the land surface, i.e. agriculture, pastoralist, mining, lumbering, transport and communication plus settlements.

 

Therefore without land or resources, the economic and social development cannot take place

Labour force

This is the ability and skills which people need to have in order to be used in the production of goods and services, there are three basic sources of labour force such as

Human labour force

 

Which is the basic source of labour and is divided into skilled labour, semi- skilled labour and un skilled labour

Animal labour

Machine labour

Note : Human is the basic source of labour which is also used to drive other sources.

Capital

This is the money or anything worth which can be invested in business, capital is very important factor for a business to start/ take place because it is used to buy equipment pay workers, and to meet other expenses of the business. There are different types of capital such as material capital, money capital and human resources capital therefore if capital is reliable it facilitates the establishment and development of different projects.

Raw materials

These are materials in natural form or material is unprocessed condition, examples crops, minerals animal product timber, logs and poles. Raw materials are needed in order to enable production of goods and services to take place.

 

Also raw materials are very important for the development of industrial sector

 

Entrepreneurs

These are people who are ready to start production venture or an enterprise by using their money and skills in production of goods and services.

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They are risk takers because the production venture cannot guarantee them to have profit, therefore more enterprises in the country means more employment opportunities and reliable source of income.

 

Tools and equipment

These are working instruments which enable the labour force and production process to take place effectively. There are several types of working instruments such as agriculture, tools, mining tools, transport facilities fishing tools and industrial equipments. The use of modern and better working tools increases the efficiency and productivity of goods and services and improving the quality of goods and services.

 

Good infrastructure

These are the means of transport, communication, storage, facilities and institution which facilitates the movement of goods and services money and people from one place to another availability of good infrastructure such as roads railways air ways water ways banks and ware housing improve the economic and social development in a country.

Good government

The government must work hand in hand with the help of the people to ensure the existence of the economic and social development in the country. Usually a good government is responsible to create a conducive environment and good policy in order to motivate local investors and to attract foreign investors in the country. Also a good government is responsible to create political stability and security of people and their properties in the country.

 

Science and technology

This refers to the use of modern and sophisticated machines in various production process, usually the use of modern science and technology in production process simplify the working process, increase efficiency and improve productivity.

 

Therefore the level of science and technology which is applied in a given country determines the rate of economic and social development

Melkisedeck Leon Shine

Development Expert, Web Designer, Entrepreneur, and Technology Enthusiast.

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