Skilled labour
Diplomacy
Abundant natural resources
a' and 'c' both
Answer is Right!
Answer is Wrong!
The correct answer is D.
Economic development is the process of increasing the economic well-being and prosperity of a nation’s citizens. It includes efforts to increase the standard of living and per capita income, to improve literacy and education, to advance technological capabilities and research, and to widen the range of available goods and services.
There are many factors that contribute to economic development, including:
- Skilled labor: A country’s workforce must have the skills and knowledge necessary to produce goods and services. This includes both technical skills and general education.
- Diplomacy: A country must be able to maintain good relations with other countries in order to trade and invest. This includes resolving disputes peacefully and cooperating on common goals.
- Abundant natural resources: Natural resources can be used to produce goods and services. However, they are not always necessary for economic development. Some countries, such as Singapore, have developed strong economies without abundant natural resources.
In addition to these factors, economic development also depends on the following:
- Investment in infrastructure: A country must have a well-developed infrastructure, including roads, bridges, airports, and telecommunications networks. This infrastructure is essential for businesses to operate and for goods and services to be transported.
- Favorable government policies: A government can promote economic development by adopting policies that encourage investment, innovation, and trade.
- A stable political environment: A country must have a stable political environment in order to attract investment and encourage businesses to operate.
Economic development is a complex process that requires a combination of factors. While some countries have been more successful than others, there is no single formula for success.