What R The Role Of Economics In Development Of A Country?


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This is a big question and I hope I can give you a good,answer.
Every country needs an economy just as much as it needs a government and a society to live in it. Economics is the study of production, distribution, and the supply and demand of goods and services. It aims to predict how people will act in different situations and can be used to manipulate an economy in order to stabilize it.
The more an economy produces, distributes, buys and sells good, the bigger its economy gets. For a country to become a rich and prosperous country, it needs to do a lot of this. In the 1500s and 1600s for example, countries became big governments and economies by land acquisitions and conquering other countries, and then using those countries to trade products. The Dutch, Spanish, and English were all did this. At the time, they were three of the most powerful countries politically on the globe.
Then in the 1700s and 1800s, countries became "big countries" by industrializing. Populations became bigger, the countries started running differently and producing differently. Countries that industrialized became richer while countries that didn't industrialized stayed where they were.
If you look at the globe today, countries that are fully industrialized are typically richer than the countries that are still industrializing or the countries that aren't as industrialized. These fully industrialized countries are also the most politically powerful governments on the globe.
I hope this helps you somewhat.

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