Evaluate any three (3) factors that influence economic development.

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I will attempt to advance on the answer above by evaluating some other factors that influence economic development. These might include:

1. Technological development. When a country has an advantage over others in terms of the level of technology it can produce, this means its economic development will be accelerated beyond that of other countries. Technological advancement is a factor that can increase the rate of productivity and the amount of wealth generated by exported product.

2. Political and social conventions. When a country has very conventional or conservative social and political conventions, it will generally be less inclined to globalize and more inclined towards insularity. It will also refuse to associate or trade with countries that have different political or social outlooks, which can limit income. If a country is politically and socially liberal, it will be better able to receive income from a wide range of sources.

3. Agricultural surplus. Similar, but not identical, to natural resources, this factor relates to countries that have significant amounts of arable land, to the extent that they produce far more than they need to consume. This is generally applicable to countries with moderate climates and smaller populations. Where a country has more food to sell than it has to consume, it will be likely to have a more positive economic outcome.

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Economic development or economic growth refers to sustained efforts by people and businesses which result in improvement in the economic condition of the country. There are a number of factors that can affect the economic development of a country and they are generally divided into economic and non-economic factors. The economic factors include natural resources, type of economic system, marketable surplus, capital formation, etc. The non-economic factors include human resources, political freedom, technical expertise, social organization, corruption, etc.

Capital is one of the major impediments to economic development. A country not only has to generate capital, but also has to save it. Only then it can be invested in a fruitful fashion and reduce the dependence on foreign capital. Thus capital formation is one of the key ingredients for economic development.

Natural resources (such as land availability, minerals, type of soil, rivers, etc.) are a necessary ingredient to economic development. A country that is deficient in natural resources will be dependent on other countries to fulfill its requirements. An abundance of natural resources provides various options to a country (export the resources, process and then sell them, etc.).

Human beings carry out the work and are responsible for economic development (or are a hindrance to it). A skilled workforce is an asset, while a large population consisting of unskilled or lowly skilled workers is a liability. This necessitates investment in development of human resources, so that a country can have a large skilled workforce contributing to its economy.

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