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Economic Development With reference to a developed economy that you have studied, examine the factors that influence its level of economic development. - Leaving Cert Geography - Question C. - 2013
Question C.
Economic Development With reference to a developed economy that you have studied, examine the factors that influence its level of economic development.
Worked Solution & Example Answer:Economic Development With reference to a developed economy that you have studied, examine the factors that influence its level of economic development. - Leaving Cert Geography - Question C. - 2013
Step 1
Step 2
Factors
Answer
The factors influencing the level of economic development can be categorized into several key areas:
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Government Policies: The role of government in economic development is paramount. Effective policies on taxation, education, and infrastructure can create an environment conducive to growth. For instance, the U.S. government's investment in technology and education has significantly boosted its economic position.
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Natural Resources: The availability and management of natural resources such as oil, gas, and minerals can greatly affect a nation's economy. In the U.S., the abundance of natural resources has historically provided a solid foundation for economic growth.
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Human Capital: A well-educated and skilled workforce is crucial for innovation and productivity. High levels of education and training programs in the United States help maintain its competitive edge.
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Technological Advancements: The continuous pursuit of technological innovation and the establishment of a strong R&D sector drive productivity and economic growth. The U.S. Silicon Valley is a prime example where technology thrives.
These factors interplay to shape the economic landscape and overall development of the United States.
Step 3
Examination
Answer
When examining the factors mentioned, it's essential to discuss how they interconnect. For example, government policies can facilitate the effective use of natural resources, and a well-trained workforce can leverage technological advancements. Furthermore, economic development is not solely contingent on these factors, as global economic conditions and trade also play vital roles.
In conclusion, the United States demonstrates how a combination of sound government policies, abundant natural resources, a focus on human capital, and technological developments culminate in high levels of economic development. Each factor reinforces the other, creating a robust and sustainable economic environment.