ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Following are some of the important factors that affect the economic growth of a country: (a) Human Resource: Refers to one of the most important determinant of economic growth of a country. The quality and quantity of available human resource can directly affect the growth of an economy.

Detailed explanation-2: -Development – The use of resources to improve the standard of living of a nation. Economic development – Looks at the total value of goods and services provided/income of a country.

Detailed explanation-3: -Infrastructure availability, quality and reliability, and transport costs also influenced location decisions, as did government-influenced factors such as taxes, exchange rates, investment incentives, promotional activities, training grants, environmental regulations, special economic zones, and trade protection.

Detailed explanation-4: -Examples are: steel making from a combination of minerals, Milk production from pastoral farming, textile production from cotton farming, furniture production from logging etc., Manufacturing and processing industries are included in this phase of the production process.