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DETERMINANTS OF ECONOMIC DEVELOPMENT
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Transcript
HOW DOES TECHNOLOGY AFFECT THE ECONOMY’s GROWTH?
1. CAPITAL
2. TECHNOLOGY
3. MARKET
MARKET
- A medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange.
THANK YOU!
Name: Armero, Neil Luigie
TECHNOLOGY
- Refers to the better techniques or methods of production
HOW DOES
CAPITAL
DETERMINE THE ECONOMY’s DEVELOPMENT?
CAPITAL
- Finished goods which are being used to produce other goods
- also known as “physical capital”
Examples:
- Machines
- Buildings
- Tools
- Equipment
ECONOMIC FACTORS
DIFFERENCE BETWEEN ECONOMIC AND NON-ECONOMIC FACTORS
1. ECONOMIC FACTORS
- involves money
2. NON-ECONOMIC FACTORS
- involves social, cultural, religious or recreational
FACTORS AFFECTING ECONOMIC DEVELOPMENT
HOW DOES THE MARKET
INDICATE THE DEVELOPMENT OF THE ECONOMY?
ECONOMIC
NON-ECONOMIC
DETERMINANTS OF ECONOMIC DEVELOPMENT
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