Subject: AEC401_Economic Development

ECONOMIC DEVELOPMENT

Economic Development may sound easy in the ears of someone who

doesn’t know the status of his own state. They presumptuously state that
having different businesses in the country is enough to say that our country is
developing, often it is easy for individuals to assume that just because our
government is providing opportunities it doesn’t equate to a well, progressing,
and developing country.

Yet, economic development does not stop at providing opportunities for

deprived individuals. Economic Development refers to the state's ability to
change the way of life and society's ability to keep up with developed countries.
Economic development will always be closely related to the welfare of the entire
individual because how can a country develop if those who rule and live here
have no ability to improve themselves?

That is why the aim of the state in embracing economic development will
and shall always come after the betterment of the community. Economic
development focuses on the community or individuals because, those
individuals are the only ones who can develop, improve, live and continue the
nature of Economic Development. 

If no one aims for economic development addressing this would be quite

impossible because how could the economy produce a quality of life if, to begin
with, everyone has barely experienced a quality life?

When a state is exposed to economic development, the whole state is

vulnerable, not in means of risk and failure, but vulnerable to the attack of
productive life, a less stagnant lifestyle, and has the ability to stop the
indolence of the individuals, and it yields a more accessible and rectifying
status. 

To give an opportunity to all individuals, to exercise their freedom, to have

privilege, to have both the needs and wants without sacrificing the latter, to
have more job opportunities, increase their income level, alleviate the situation
of people who belong in the marginalized sectors, to enhance the facilities and
buildings, or even utilize all of our resources are only a few of the benefits that
we could gain.

Whereas economic development will and shall always be part of the plan
of the government because it grants to have economic growth, development,
stability, security, efficiency, freedom, and subsequently more. 
With the said opportunity and benefits of Economic Development, it is indeed
appealing to the ears of all because who would want a stagnant and
unproductive life? Individuals would always seek a happy and contented life
yet in order to secure this desire, economic development is only one of the
many solutions that they can resort to. 

A state cannot say that they are facing an economic development if they are
still dealing with:
1. Quality of education
2. High Rate of Poverty 
3. High Rate of Unemployed individuals
4. Have a high level of unutilized resources; and much more. 

In order to say that there is economic development, one is to secure the

education of the youth in their state. All of the schools should have basic needs
such as good facilities, enough reading materials, competitive teachers and
students, and many more. If the aforementioned factors are not present,
perhaps a state is still in the process of being a developed economy.

In mean of Poverty, it is known that the main aim of the economy is the welfare
and the betterment of its people. To alleviate them from poverty and expose
them to more opportunities and privileges such as having a decent house, a
stable and permanent income, access to afford their wants and luxuries, being
financially free, access to medical assistance, and many more. Hence, to
transcend from low-income to middle- and high-income earners are the effects
of economic development.

Since the alleviation of poverty is mentioned, it is also a must to take

care of unemployed individuals. In a state, the ability to transform the local
shop into an international one is a big sign of economic development. If the
state successfully secures the startups, stability, empowerment, and expansion
of the businesses, it opens more job opportunities. 

From a mini-local shop to having branches to having high production, to being

a well-known business entity, importing raw materials, and exporting
products.

With the said expansion, it is inevitable and predictable that there would
be a high demand for workers in order to perform the core function of the
business, and with that, it lessens the rate of unemployed individuals. If this
kind of business expansion or opportunity arises and continues, in just a short
period of time, there would be low-to-no unemployed individuals. That is why it
is a must to have this kind of expansion because it not only benefits the
individuals but rather the whole state as it attracts more opportunities from
foreign countries. Thus, broadening and empowering the business community
is vital in means of economic success.

Furthermore, if an economy fails to utilize its own resources, then, therefore,

economic development is slow. Because honing and enriching own resources
would increase the production and income of the economy.

Thus, to free the state from economic and social distress, one must not
only progress and grow but rather improve and develop every aspect of the
economy.