What is Development? Mention the Two Aspects of Development

Factors Which Leads to Economic Growth

• Human resources - Human resources are in charge of accelerating a nation's economic expansion. The rate at which a workforce's skills and capacities are developing ultimately boosts a nation's economic development.
• Infrastructure development - By lowering the cost, upgrades and greater investment in tangible assets like factories, machines, and roads would boost economic output performance.
• Use of natural resources wisely - The economy is more productive when natural resources, such as mineral deposits, are used properly and wisely.
• Healthy population growth - As the population increases, more human resources become available, which increases the output's capacity to produce more goods and services. This is another crucial element that affects economic expansion.
• Technology advancement - A nation's economic growth will be positively impacted by technological advancement. Utilizing cutting-edge technology will increase labour productivity and accelerate economic growth at a cheaper cost.

Summary:-

What is Development? Mention the Two Aspects of Development

Development is a process which creates growth and brings progress with a positive change. The two aspects of development are - increase in income and social progress.

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