Business

How Economics Can Play a Vital Role in Development of Country

INTRODUCTION:

Economics is one of the most widely studied subjects, many students find it hard to cover their economics courses and prefer taking help from Economics Assignment Writing Service. But have you ever wondered what happens when a country’s population? And economic growth is concentrated in just a few cities?

From an economic standpoint, we know that this concentration can be beneficial in the long run. Living conditions can improve. Poverty rates can decrease, businesses can learn from one another. Employees and businesses can form stronger connections. 

But what happens to individuals who are stuck in poor areas with few options? It becomes more difficult for them to find work. Or maintain a good standard of living. As a result, discontent often boils over, and civil unrest ensues.

To ensure that opportunities reach all over the country’s borders, it requires economic development so that everyone can get the chance to work or get different opportunities.

There are many reasons why economic development plays a critical role in any region’s economy.

  • JOB CREATION: 

While economic growth is beneficial to job creation, it must occur in sectors with the capacity to absorb a vast quantity of work.

The generation of jobs is a massive worldwide challenge. Over 200 million individuals are unemployed worldwide, with many of them being young people. In addition, another 2 billion working-age adults, primarily women, are unemployed.

Country

  • Better Employment:

Creating more and better employment necessitates economic transformation, which entails shifting workers from low- to high-productivity jobs. It also entails a spatial transformation, with villagers being drawn into secondary towns and cities as a result of increases.

The private sector, which is the primary source of employment creation, will have to lead this transformation. Therefore, we need to look at what has worked well in the past to create jobs on a big scale, focusing on industries with the most promise.

One of the economics dissertation help is the example of China’s experience. China has succeeded in producing millions of new jobs and absorbing millions of new entrants into its unemployment market in recent decades, all while transforming its economy and society.

  • INDUSTRY DIVERSIFICATION:

Economic diversification is a critical component of economic development, as it reduces a region’s reliance on a single industry. While tourism is crucial for employment creation in the Orlando area.

Economic development activities help in the growth of industries such as Innovative Technologies and Digital Media.

Life Sciences and Healthcare, Aviation, Aerospace & Defense, Advanced Manufacturing, and online assignment, marketing services like a digital marketing agency. Work on different digital strategies, assignment writings like economic assignment writing service, thesis services, and much more. Instead of focusing on a single product line that attracts a single market, industrial diversification delivers goods and services that appeal to many markets.

  • INDUSTRIAL DIVERSIFICATION

Industrial diversification aims to strengthen the company’s stability by allowing it to generate revenue from other sources. For example, with a diverse product line, the company has a better chance of surviving. If higher sales of canned goods compensate for a drop in demand for its household appliances.

Similarly, adopting industrial diversification to provide variety to a corporate investment portfolio implies that if stocks linked with a specific industry have a downturn, there’s a strong probability that gains in the value of other holdings will cover the loss, allowing for a net increase in returns.


  • BUSINESS RETENTION AND EXPANSION (BRE):

BRE is a proactive strategy for economic development that aims to better understand the difficulties and possibilities that our community’s businesses are facing, as well as link them with the resources they need to flourish.

BRE also collects input and thoughts on the broader business climate, which is then compiled and evaluated to spot patterns. For example, existing businesses expanding their operations account for a significant portion of the jobs added to the Orlando economy.

Just last year, our economic development team made 73 business retention and expansion visits to local businesses to help them with their operational needs.

  • IMPROVED QUALITY OF LIFE:

  • Educating populations is one of the essential strategies to improve health in underdeveloped countries.
  • People who are educated, have better chances to find safer occupations. They have higher health literacy, use preventive healthcare, avoid risky health habits, and demand higher-quality health services.
  • Poorer countries receive much lower health benefits than wealthier countries, and in developing areas. Poor people have a higher risk of contracting diseases and lower access to quality health care. This is just because of higher rates of medicines, treatments, and vaccination.
  • Make job creations for the less educated people so they can survive in this world and get opportunities to reach on next level. 
  • FURTHER IMPROVEMENTS:

These are not the only ways to improve health in developing countries. Government and organizations have taken many different initiatives to close the socioeconomic gap.

With the sustainable development goals, there should be a significant increase of developed countries contributing to establishing safe, quality healthcare systems.

  • TAX CUTS AND TAX REBATES:

Consumers will benefit from tax cuts and refunds because they will have more money in their pockets. In an ideal world, these customers spend a part of their money at numerous businesses, boosting revenue, cash flow, and profits.

Companies with more cash have the resources to raise finance, upgrade technology, expand, and grow. All of these actions boost productivity, which promotes growth in the economy.

Proponents claim that tax cuts and refunds allow consumers to stimulate the economy by injecting more money into it.

KEY TAKEAWAYS:

  • Economic growth is driven oftentimes by consumer spending and business investment.
  • Tax cuts and rebates are used to return money to consumers and boost spending.
  • Deregulation relaxes the rules imposed on businesses and has been credited with creating growth but can lead to excessive risk-taking.
  • The creation of construction jobs is designed by Infrastructure spending. It increases productivity by enabling businesses to operate more efficiently.

SUMMARY: 

These are not the only way for the betterment of the country. There are many ways to reduce poverty, and hunger, etc. from the country. If you are an economics student this post could be most beneficial for you. It could contribute to your academic help.

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