Why do you think economics is the central study in understanding the problems of developing countries?

Economics is central to understanding developing countries, since these countries have extensive needs with very scarce resources, necessitating difficult choices. As economics improves the making of choices in LDCs, their problems will be less severe.

Why is it important for all nations to develop economically?

Economic development is a critical component that drives economic growth in our economy, creating high wage jobs and facilitating an improved quality of life.

Why is economics central to an understanding of the problems of development 4 marks?

Problems of development are like not having enough money, which means too much poverty and high unemployment rates and these aspects of the problems are central issues in economics and so economics teaches us about problems in development and so we can better understand these problems principally by looking at economic …

What do you think the barriers to growth and development?

These obstacles are: high population growth rates, high illiteracy rates, poor infrastructure, human capital inadequacies, foreign currency gap and capital flight, unsafe water supplies, inadequate housing facilities, ethnic and religious conflict, corruption, poor governance, poor health services, primary product …

Why is an understanding of development crucial to policy formulation?

The aim of any policy is to bring about positive changes in the economy. Understanding of development crucial is because it makes sure that in which area the country needs to develop and then accordingly it should formulate its policies. You can see the trend or the relation of economics of developing.

Why Understanding economics is important?

Economics plays a role in our everyday life. Studying economics enables us to understand past, future and current models, and apply them to societies, governments, businesses and individuals.

Why is an understanding of development crucial to policy formulation in developing countries?

GDP is easy to be compared to any countries. Why is an understanding of development crucial to policy formulation in developing nations? Understanding of development crucial is because it makes sure that in which area the country needs to develop and then accordingly it should formulate its policies.

What do you understand about economic development?

Economic Development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it’s an investment in growing your economy and enhancing the prosperity and quality of life for all residents.

What do you know about development?

Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The identification of these traps enables relating to political – economic – social conditions in a country in an attempt to advance development.