Economic Development Essay

758 Words4 Pages

I. Background of the study Economic development is defined as the focus of a federal, state and local government to improve our standard of living through creating of jobs, the support of innovation and new ideas, the creation of higher wealth and the creation of an overall better quality of life. It can also be defined based on what it is trying to accomplish, these objectives includes improving education system through new schools, improving infrastructures such as roads and bridges and enhancing public safety through fire and police services. As of today, it is visible that an essential requirement of post-modern development is opening your doors to globalization; interactions between nations that bring overflowing …show more content…

The effect of population could have a positive and negative effect depending on the circumstances. A large population has a potential to be great for economic development because the more people you have, the more work is done, and if more work is done, the more monetary value is created but limited resources and a larger population could put pressure on the resources that do exist. More people means more mouths to feed, more health care and education services to …show more content…

If the economy is developed, it could help to eradicate the dilemma of each individual. For the employees, it could reduce unemployment and will provide better wages, benefits and even more job opportunities. It will help to increase the resources for public services such as health care and education. The increased tax base will support the local government in building better and durable roads, parks and hospitals which can be beneficial for every individual, if the funds are used in a right way. It is also important to eradicate. And there is also a need for the local products to be recognized because if it is consumed in the local market.

V. Scope and limitations
This study will tackle on how the indicators will take place on helping the economy to develop and how it significantly affect the economic development. These indicators are GDP per capita, literacy and education, access to health care, income distributions.
The gross domestic product (GDP) is the primary indicator to determine if the economy is healthy. There are two types of measuring GDP. First is the income approach wherein the total compensation of employees, taxes and gross profits are computed, while the expenditure method computes the total consumption, government spending, investment and net exports. If the GDP increases, wage increases and unemployment decreases. If the GDP decreases,

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