Five Major Factors Affecting Economy
Economic growth is defined as an increase in the capacity of an economy to produce goods and services within a specific period of time.As a consequence of it’s analysis, we get to understand the factors determining the economy of any country. It shows the optimum use of scarce resources and selecting the best alternative to achieve the economic goal.
Students learn to identify causes of different financial problems,such as inflation, depression, and economic instability.Moreover, they study various economic variables, such as demand, supply, prices, production cost,wages,labor,and capital. It has many tricky assignments and projects to make students understand all these analysis strategies.
This field gives a sense of responsibility to the students and thus they mostly stay under stress. Submitting flawless assignments is the main cause of low grades in their academic papers.If you are facing similar challenges then our team of academic experts are there to provide economic assignment writing services.
Following are some of the common factors affecting economy of a country:
- Quality of skilled human resources: Skilled human resource is the major aspect of a good economy of a country. If the people are skilled enough they contribute in the development and innovation of many things thus affecting the financial system directly.The quality of human resources is dependent on creative abilities, training, and education.
- Availability of natural resources: Certainly,it affects the growth of any country’s wealth.Availability of natural resources from beneath the land for example oil has a huge impact on the economy.
- Development in technology:
Innovation in the field of technology is shaping today’s new world.We are heading toward an era of AI and coding.Any country loaded with new inventions in the field of technology rules the world.Hence the economy is sure to rise at a fast pace. - Influence of Social and political factors:
Social factors affect the growth of the economy in many ways.Different barriers of a country do not allow various modern techniques to get in.Moreover, participation of the government in formulating and implementing various policies, have a major part in economic growth. - Physical capital development:
The construction of land, building, machinery, power, transportation,and medium of communication all of these help in capital formation. It increases the availability of capital per worker, which further increases capital/labor ratio.This ultimately strengthens the financial system of the country.
Economy of a country directly affects the living standard of it’s residentes.Having excellent skilled human resources can be achieved by good education and training. Since nowadays students are also contributing in part-time jobs, it becomes difficult for them to complete the lengthy assignments. Thus it affects the grades of the students.
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