Economic Change

In: Business and Management

Submitted By evansons2016
Words 500
Pages 2
Factors of Economic Change

Name

Institution

Introduction

Economic change is the variation in the capacity and capability of a country’s economy to produce goods and provide services within a given time frame. This essay analyses how supply and utilization of natural resources, capital formation, technological development, human resources, and foreign aid and investment lead to economic change.

Supply and Utilization of Natural Resources

The quantity and quality of natural resources in an economy have a significant role in initiating economic change (Knox, Agnew, & McCarthy, 2014). Maximum utilization of these resources determines the degree of economic change in a country. For instance, India with its excess availability of natural resources has had little economic development. On the other hand, Japan, which has little resources, has undergone rapid economic change to be among best-developed countries in the world. Through international trade, Japan imports most of the natural resources to help in the manufacture of its goods, which it exports to reap the benefits.

Capital Formation

The combination of labor with capital is vital in transforming the economic status of countries. For instance, the United States of America is productive because of the use of capital goods like machines, industries, and good infrastructure as compared to most developing countries which are less equipped.

Technological Development

The use of advanced techniques to aid production increases the per capita output. Through invention and innovations, countries can realize technological progress as it is the case in most developed countries. Their commercial output has increased because of using better tools, which support a twenty-four-hour economy.

Human Resources

The quality…...

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