Author Question: Identify and describe the three main influences on a country's level of economic development. ... (Read 94 times)

soccerdreamer_17

  • Hero Member
  • *****
  • Posts: 552
Identify and describe the three main influences on a country's level of economic development. Include in the descriptions how these influences affect economic development.

Question 2

Describe how the balance of trade and foreign debt affect a country's economy.



Sassygurl126

  • Sr. Member
  • ****
  • Posts: 320
Answer to Question 1

Answers should include the following influences:
(1) literacy level; refers to ability to read and education level of the people in a country; better-educated workers can produce higher quality goods for citizens.
(2) technology; refers to automated production, distribution, and communications systems; better technology allows companies to create and delivery goods, services, and ideas quickly.
(3) agricultural dependency; refers to the proportion of agricultural activity to manufacturing activity; countries that are mostly involved in agriculture do not have the manufacturing base to provide citizens with a large number of quality products.

Answer to Question 2

The balance of trade is the difference between exports and imports. A trade deficit results when imports exceed exports. An ongoing trade deficit creates foreign debt. Foreign debt must be paid from future income, which limits funds available for improving a country's infrastructure and for providing services to citizens in the future.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

The lipid bilayer is made of phospholipids. They are arranged in a double layer because one of their ends is attracted to water while the other is repelled by water.

Did you know?

Blood is approximately twice as thick as water because of the cells and other components found in it.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

Did you know?

All adverse reactions are commonly charted in red ink in the patient's record and usually are noted on the front of the chart. Failure to follow correct documentation procedures may result in malpractice lawsuits.

Did you know?

In 1844, Charles Goodyear obtained the first patent for a rubber condom.

For a complete list of videos, visit our video library