Economic Development Factors and Impacts

The video tutorial discusses economic and non-economic factors affecting a country's development. Economic factors include natural resources, capital formation, market surplus, structural change, and foreign trade. Non-economic factors cover the desire for development, political stability, corruption, social determinants, and moral values. The tutorial emphasizes the importance of these factors in influencing economic growth and development.

What are economic factors that directly impact a country's economy?

• Factors affecting technological advancement

• Factors affecting production, distribution, and consumption

• Factors affecting political stability

• Factors affecting cultural development

How do natural resources influence economic development?

• They lead to political instability

• They decrease the need for foreign trade

• They increase the chances of economic development

• They have no impact on economic growth

What is the main obstacle in economic development according to the transcript?

• Lack of technological innovation

• Lack of skilled labor

• Lack of capital formation

• Lack of natural resources

What does market surplus in agriculture lead to?

• Increase in import dependency

• Reduction in agricultural output

• Increase in purchasing power and employment

• Decrease in national income

What signifies a structural change in a developing economy?

• More people moving to rural areas

• More people engaged in industry and service sectors

• More people investing in foreign markets

• More people engaged in agriculture

What is a favorable balance of trade?

• Imports exceeding exports

• Exports exceeding imports

• Equal imports and exports

• No trade with other countries

What is a key non-economic factor for development?

• Dependence on foreign aid

• Desire for development among the people

• Lack of political stability

• High levels of corruption

How does political stability affect economic development?

• It increases chances of domestic and international investment

• It has no impact on economic growth

• It leads to increased corruption

• It reduces foreign investment

What is the impact of corruption on economic development?

• It increases foreign investment

• It has no effect on the economy

• It reduces economic development

• It promotes economic growth

Why are moral values important for economic development?

• They reduce the need for foreign trade

• They increase corruption

• They have no impact on economic growth

• They ensure fairness, justice, and honesty