ECONOMIC

DEVELOPMENT
GDP = private consumption + gross investment +
government investment + government spending +
(exports – imports).
Natural resources

oil, or mineral
It involves resources
that are produced by
nature either on the
land or beneath the
land, air and sea.
Human Capital

human capital can improve

the quality of the labor force.
increase in quality would
result in an improvement of
skills, abilities, and training.
Capital Goods

Better factories and

machinery are more
productive than physical
labor. This higher
productivity can increase
output.
money
Entrepreneurship

Spark economic
development by starting new
businesses, creating jobs, and
contributing to improvement
in various key goals such as
GDP.