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What are the social economic factors and non economic factors in the development process?
Development is a process including change into a number of social economic and non economic factors comprising:
a. Economic: structural change within sectors for example, from agriculture to manufacturing dominating GDP or enhanced infrastructure;
b. Social: people shift through rural to cities leaving behind a manner of life;
c. Cultural: As an example, appointment onto merit quite than on the basis of traditional loyalty to tribe or family
d. Political: There laws enforcing property rights as well as contracts emerge
e. Development is a process involving change. Structural modify is painful creating a loss of traditions or winners and losers.
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Quantitative demand for watermelons = 50-3P(wm) - 20P(hd) + 10 P(sc) + 0.001(income) P(wm) = $4.00 P(hd) = $3.00 P(sc) = $2.00 Income = $40,000 Quantity supply of watermelons = 2
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