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 be 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 country’s 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 among 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 country’s 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.
The third element would be resources of any given country. Resources are a basic essential...
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