√ Definition of Economic Development and its Explanation (Complete)
Definition of Economic Development and its Explanation (Complete) – Economy is an important area in our life. For that we need to know what it is understanding of economic development That? There is also a difference in analyzing the definition between growth and development. This is because these two definitional concepts also have different concepts. The following is an understanding of economic development. Here About Knowledge will discuss it.
Definition of Economic Development and its Explanation (Complete)
Basically the notion of economic development is an indication of economic growth. Economic growth itself is a change in the condition of a country's economy which continuously leads to a better condition during a period. Well, this economic development follows from the economic growth. Economic development is more towards how the economic growth of a company or another changes in the form of developments from several sectors or supporting factors.
Definition of Economic Development
Anything understanding of economic development itself is a process of development in the form of an increase in the long term of a country (for example) or a company (for example) to provide a range of goods that support level-adjusted economic development need. The existence of this economic development is not far from economic development.
Economic development is a process of increasing total income and per capita income by taking into account population growth which is accompanied by a fundamental change in the economic structure of a country and equal distribution of income for the population in a country the. To see how the economic development we can see what factors can influence economic development.
Economic Development Factors
As already explained that the notion of economic development correlates with economic growth. The following are factors of economic development related to economic growth, including:
1. HR (Human Resources)
The first thing that is influenced by the process of economic growth towards economic development is the human resource factor. This HR factor has an important influence, especially in terms of the process of economic development. The process of economic development is also raised in the process of development that follows. In this development process, sooner or later, it depends on the human resources who are the subject of development and the competencies possessed are adequate for the process of economic development itself.
2. SDA (Natural Resources)
Apart from human resources, natural resources or natural resources are also important factors in influencing economic growth. Why? This is because most of the developing countries make their country's economic development dependent on the natural resources they have. However, if a country has good natural resources but is not supported with quality Quality human resources, of course, will not be easy to get good production results from SDA.
3. science and technology
Science and Technology or Science and Technology is also an important factor in the development of technology. By looking at the development of sophisticated technology, the process of getting the development is also faster. Of course this will support economic development.
4. Culture
It turns out that culture also has its own impact on the process of development and economic growth. Cultural factors have a function to arouse and encourage the process of development and economic development. Cultural factors are the main factors because of work attitude, smart, tenacious and honest.
5. Capital
Capital is one of the factors that determine economic development. Own capital is also continuous with human resources. Capital is one of the important requirements for the process of economic development. Because, this capital will later increase the productivity of the work to be done.
Factors inhibiting economic development
In addition to the factors that support economic development, there are also inhibiting factors that we need to know so that economic development is not hampered. Among others:
1. KKN
The existence of KKN will make it difficult for a country to experience growth and development in the economic sector. So that it will cause uncontrolled chaos in economic development.
2. Inflation
Similar to KKN, inflation will also have the impact of decreasing the consumer confidence index because people themselves tend to reduce the shopping process. Because they are careful about goods and are afraid of the risk of high price increases.
3. High interest rates
High interest rates can also affect investment from several entrepreneurs which will also affect economic growth and development, especially in developing countries
4. Rise in fuel prices
The increase in fuel prices also greatly affected the process of economic growth and development. This is due to the impact of the policies issued so that in the end it has an effect Multiplayer effect which can affect the overall growth and development of the national economy.
5. Security level
If you want smooth economic development, you must create conducive security conditions. Because this will also affect economic conditions that become more stable and stronger. For this reason, it is very important to create stability in the political and security fields.
Thus our discussion this time about Definition of Economic Development and its Explanation (Complete), hopefully it can be useful and add insight to all of us. Thank you and thank you.
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