Question

Discuss the fundamental elements that contribute to a nation's economic development.

Short answer

The fundamental elements that contribute to a nation's economic development are natural resources, human resources, capital, and technology.

Step-by-step solution

introduction

Economic growth is an expansion in the creation of labour and products in an economy. Expansions in capital products, workforce, innovation, and human resources can all add to monetary development.

explanation part (1)

Natural resources are scant and degradable. Subsequently, monetary development at the expense of overexploitation of natural resources won't ever accomplish a practical financial turn of events. Improvement implies fulfilling our own necessities remembering the requirements of things to come age. Along these lines, natural resources ought to be utilized ideally so we don't think twice about what's to come.

part (2)

Capital is one more driving component of the financial turn of events. The more we put resources into the capital arrangement; the better will be the amazing open doors accessible for the future. Consequently, a nonstop arrangement of capital is required for a quick and supported financial turn of events.

part (3)

The utilization of old and out of date technology will prompt the wastage of resources. In this manner, we really want to put resources into advancement and mechanical up-gradation to guarantee a superior utilization of resources. In the event that the resources are utilized all the more beneficially, monetary development will mean a supported financial turn of events.