Besides Income what are the other aspects of economic development?

Question

Answer

Other Aspects of Economic Development

Employment

Employment is an essential aspect of economic development. It refers to the number of people who are engaged in productive activities and earn a living from it. Economic development ensures that there are enough job opportunities for individuals to earn a livelihood and contribute to the growth of the economy. Creating employment opportunities is crucial in reducing poverty levels and improving the standard of living of people.

Infrastructure

Infrastructure is another critical aspect of economic development. A well-developed infrastructure system facilitates the movement of goods and services, making it easier for businesses to operate efficiently. It includes transportation systems, communication networks, energy, and water supply systems. The development of infrastructure encourages investment, which leads to economic growth.

Education and Training

Education and training play a vital role in economic development. Education equips individuals with the necessary skills and knowledge to be productive members of the workforce. It also leads to the creation of new business opportunities and the development of new technologies. Training, on the other hand, helps to improve the skills of the existing workforce, making them more productive and efficient.

Technology

Technology is a crucial aspect of economic development. It plays a significant role in enhancing productivity, reducing costs, and improving the quality of goods and services. The development and adoption of new technologies lead to the creation of new businesses and industries, which, in turn, creates job opportunities and contributes to economic growth.

Entrepreneurship

Entrepreneurship is the process of creating and managing a business venture to achieve success. Entrepreneurship is essential in economic development as it leads to the creation of new businesses and job opportunities. Entrepreneurs are innovative and bring new products and services to the market, leading to economic growth and development.

Political Stability

Political stability is crucial in economic development. A stable political environment encourages investment and economic growth. A politically stable country is more likely to attract foreign investment, leading to job creation and economic growth. Political instability, on the other hand, can lead to uncertainty and negatively impact economic development.

Answer

People wants besides income are as follows:-
(a) security
(b) respect
(c) friendship
(d) good environment
(e) equal treatment
(f) freedom
(g) all family members respect him

Answer

Working atmosphere
security
equality
distance from home
working hours etc.

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