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What are the social economic and non economic factors?
Development is also a procedure involving change in some social economic and non economic factors comprising:
• Economic: structural change into sectors for example, through agriculture to manufacturing dominating GDP, improvement infrastructure;
• Social: people move through rural to cities leaving behind a manner of life;
• Cultural: for example, appointment on merit quite than on the origin of traditional loyalty to family or tribe
• Political: laws insisting on property rights and contracts come out
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Now we will analyse how macroeconomic variables fit together and present models which explain the main macroeconomic variables. Using these models we can, for instance, analyse
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briefly explain any five uses of national income statistics
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