Question

In: Economics

describe and explain the 5 foundations of development 1. Capital 2. Investment in education healthcare and...

describe and explain the 5 foundations of development
1. Capital
2. Investment in education healthcare and infrastructure
3 Sustainable development of natural resources
4. Proper management of human resources
5. Development of a viable culture

App 300 words,

Solutions

Expert Solution

1. Capital accumulation is the growth in wealth through investments or profits. Higher level of savings leads to capital accumulation and hence it leads to economic growth. Capital accumulation leads to growth in wealth , appreciation ,rent ,capital gains and interest. Capital accumulation can be seen through the increased value of assets through investments and savings. 2. Investment in education healthcare and infrastructure drives economic growth.. Education can accelerate economic growth and development and investment in education is the key indicator to expand and improve the quality of education .Education makes a country more productive as educated people works more efficiently and carry out tasks that requires literacy and critical thinking. Health is wealth. Investment in healthcare improve the quality of life . A healthy peoples can make a nation more productive. Investment in infrastructure provides wide range of job opportunities and drive economic development and growth 3. Sustainable development of natural resources is important for many reasons include maintaining environment quality in order to make a healthy community and non toxic environment. In order to achieve economic growth and development we must require more resources such as energy ,water and space. The goal of sustainable development is to meet the needs of present generation without compromising the needs of future generation. Environment must be conserved while development is taking place. It will raise the standard of living of people 4. Proper management of human resource is the key indicator of economic growth and development. Human resource management is the process of recruiting ,selecting, inducting employees, providing orientation etc. It will make the employees productive. Human resources play the important role in overall development of a country.Human resources are necessary to utilize the capital and natural resources that drives economic growth 5. Viable culture consists of initial set of shared values and purpose that gives meaning to company or organisation. Development of viable culture plays an important role in economic growth and devlopment


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