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This argument is based on the fact that, economic development will enhance efficiency in production leading to sustainable environment. The argument is also supported by the need to develop and promote green sources of energy. This report examines the relationship between economic growth and environment.
Environment is key in production and hence the basis of any economy. It has been established that the economic condition of a region depends on the environment. On the other hand, the economic activities in a region have a great influence on the environment. This indicates that there is a direct relationship between the economy and the environment. The living standards of citizens in a given region, is the main indicator of economic status of the region. Economic growth indicates a happy and a satisfied society. A satisfied society has the ability and desire to take care of the environment or is conscious about environmental conservation. This indicates that economic development has positive contribution to the economy.
Economic developments indicate availability of exploitable resources. Resources are factors of production or things used to produce other goods and services that satisfy human wants. This implies that the economy of a country requires resources or factors of production. The availability of resources determines the rate of economic growth in a country. Countries with resources such as minerals have stronger economies than countries without recourses. Oil producing countries in the Middle East and Northern Africa have higher rate of economic growth than other similar country. Libya is an African country that has vast oil resource. Although Libya is a desert country, it has a stronger and an active economy than other countries of similar size and population. This applies to other countries with natural resources such as forest and water bodies. Countries such as China and India have the largest population in
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Hence, economy can be broadly described in terms of constructive production that leads to development of society and nations. The various tenets of economic development focus on people’s welfare and promote employment by supporting market led business activities through available resources, including human capital, to help in development of society.
From individual level to organizational level to the national level, everyone seeks some level of economic development. Once economic development comes about, it is expected that the general wellbeing of people will improve. With economic development, people are able to access not their needs but also to a very large extent, their wants also.
If one takes into consideration the economic developments wrenched in the last three decades, one notices a significant breakthrough as to studying the relationship between knowledge and economic growth on one hand and between innovation and economic growth on the other hand.
What is the relationship between institutions and economic development?
Exploring the causal relation between institution and economic growth is a very challenging task. The study of economic theories of growth shows that economic progress is a complex phenomenon.
For China, the most challenging issue is the continuing incoherent ideology range emerging from the basic contradictions between the identity of the party state, and globalization, and the chase for developing economic liberalization. However, strong elite commitment permits the regime to put an effort to strengthen its legitimacy through building formal institutions.
In the modern business world, an entrepreneur can be defined by a number of definitions based on past empirical analytics – an innovator, a leader, a manager, owner of an enterprise, coordinator of economic resources, resource manager, provider of capital, improvement of service levels, enhanced image of the economy on a global platter, and so on.
The existence of direct relationship between the aforementioned aspects and presence of inequalities has made scholars particularly the historians to find the factors that underpin this phenomenon. Jared Diamond is one of such scholars. In order
This research will begin with the statement that economic growth and development is a product of utilizing and optimizing available resources and increasing the capacity of an economy to meet demands of its consumers. Fribbance also explains that economic change is a “crucial means of improving the standard of living in developing countries.”
There is an interconnection between political stability of the country and its economic indicators. Reduction in investment and slow development may occur due to the uncertainties, brought by unstable politic environment. Political stability can also take the form of stagnation in a country where competition is not allowed, affecting the growth.
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