Que : 213. On which factor does the economic development depend ?

Answer:

(i). Education - Education is the foremost pillar for any country's development the contribution of an educated person to economic growth is more than that of an illiterate person education helps in adapting various new changes in the economy and advancement in the technology.

(ii). Health - a healthy person could provide more efficient labour supply for a longer period of time, then an unhealthy employee which will ultimately leads to the economic development.

(iii). Human Capital - humans are the sources of all economic development they are the producer the consumer. human capital contributes not only towards increasing labour productivity but also stimulates innovations, creates ability to absorb new technologies.