Assess The Significance Of Three Factors Which Might Limit Economic Development In The Developing Countries

Economic development has to occur after a period of sustained economic growth. It is therefore the growth in total economic output accompanied by changes in the structure of the economy.

Lithium was discovered in 1817 by Johann August Arfvedson. This mineral is mined worldwide and the world’s largest lithium mine is in Greenbushes Western Australia. The cost of lithium has been slowly going up throughout the past years and is now in High demand, China and other Asian countries have been demanding this mineral because of new technology such as electric cars. Because of this high demand prices, Perth has started a $400 million Lithium plant. Therefore, this is proof that Western Australia’s economy is moving on from the mining boom. The process of the lithium is to take place in Kwinana and is to be built by China’s Tianqi

Economic development can be defined generally as involving an improvement in economic welfare, measured using a variety of indices, such as the Human Development Index (HDI). A developing country is described as a nation with a lower standard of living, underdeveloped industrial base, and a low HDI relative to other countries. There are several factors which may have the effect of limiting economic development in such countries. Factors such as these include: primary product dependency, the savings gap and political instability.

Using named examples, examine the extent to which the development gap occurs within countries as well as globally.

Development is a broad concept that includes social, economic, political and human aspects. Human development consists of the foundation on which the first three aspects .According to Burkey (1993: 38), economic and political development should be translated into social development. As development is a broad concept, it has been extensively explored with a view to realize that economic growth and social development. However, the emphasis moved from industrial and economic development as the factors that determine societal transformations. Economic growth may bring material gain to the people, but development is about enrichment of the lives of the people in the society Edwards (1993:80) this means that development is much more important to a country than economic growth only because when people are not empowered and developed it takes us back to the theory of development which explains that empowerment and

The most essential elements of electric cars are lithium, which is defined as a rare metal. Even though it is not considered as a high-risk metal, “there are growing concerns about risks arising from the fact that limited regions are producing lithium resources to cover most demand. There are also concerns about imbalance between demand-supplies and price fluctuations due to monopolistic supply. Chile has the world’s largest reserves of brinesource [SIC] lithium, followed by Bolivia and Argentina; these three

Like the Harrod–Domar model, the Lewis model considered savings and investments to be the driving forces of economic development but in the context of the less developed countries. However, several Lewis’ assumptions are not valid such as those relating to rural surplus labour, and the proportional rate of expansion in capital accumulation in the modern sector (Asodike,

A developed country is a state that has a highly cultivated economy and advanced technological framework as compare to other under-developed nations. The extent of economic development can be assessed by observing the GDP (Gross domestic product), GNP (Gross national product) and Per Capita Income of a country. Few examples of developed countries are include England, Italy, Spain, Australia, Japan. Simultaneously, a developing country, also known as a less-developed country, is a state that has GDP per Capita less than or equal to $11,905 dollars. It has low standard of living, less developed economy and security. For example, Pakistan, India, Bangladesh, Peru, Zimbabwe.

There have been discussions among scholars in developed countries regarding economics of information. Developed countries includes Australia, New Zealand, United States, Ireland, Germany, Japan, Canada and many more are countries that have a high level of development according to some criteria. The criterion is income per capita; countries with high gross domestic product (GDP) per capita would thus be described as developed countries. Another economic criterion is industrialization; countries in which the tertiary and quaternary sectors of industry dominate would thus be described as developed. More recently another measure, the Human Development Index (HDI), which combines an economic measure, national income, with other

The saving rate of any country is an important indicator of economic development since the domestic saving rate is directly related with the investment rate and the lending capacity of the banking system. Saving and investment are two key macro variables with micro foundations, which play a significant role in economic growth. Global emerging economies are experiencing record savings at a time when the developed world has been witnessing a decline in gross domestic saving rates, having a positive impact on the investment

elements of development theory: process of capital formation, technology, population and resources, monetary and fiscal policies, industrialization and agricultural development,

As learned in the class, driven by three major components in the Harrod-Domar model, the Kenya’s growth can be illustrated as following.

The economy and industry there are in the developing process, which means that they are lack of investments from outside.

The potentials of capital market in Nigeria as a catalyst to economic and industrial development cannot be over emphasized. The capital market as an internal part of a country’s financial system operates at the long end of the system to mobilize resources for long term development and growth. Basically, the capital market accelerates growth by providing ,relatively long term capital - debt and equity finance – for government and corporate sector.

Research on the determinants of economic growth is a common focus area in the economics – both because economic growth is an excellent indicator of well-being and the policy-makers want to know what fact2ors can affect this well-being. Previous literature has identified many factors which contribute to the well-being of a country and among these factors; Foreign Direct Investment is persistently seen. Economists have limited tools to measure well-being; reliance on GDP, GDP per capita, GDP growth rate, Human Development Index (HDI) and other such macroeconomic indicators are often used to measure the well-being of the nation. And it is equally important for the governments and governing bodies to find the factors which can affect these