Domestic factors that contribute to economic development
Answer the questions and upload them into google classroom:
- What are the five major domestic factors that contribute to economic development?
- How do each of the factors contribute to the development of the country?
- What is the name of small amount loans given to low income people in developing countries, with the objective of providing access to the financial system to start small scale businesses that allow them to come out of poverty? How are they used to help economic development?
- Based on the common characteristics of less developed countries, which type of technology would you say is a more appropriate one for them, labour-intensive or capital-intensive? Why?
- Provide diagrams/graphs that show how the 5 factors contribute to economic development.