Explain what is meant by economic development and its components (5 marks)

Economic development refers to progress and development made to a country's economy and these are often characterised into 3 areas Resources- these get the process moving in the first place, these are natural resources such as soils and minerals as well as human resources such as labour and technology. This is the fuel which drives economic development Internal Boosters- these come from within the individual country and include government intervention, national ambition, the growth of a business culture etc. External Boosters- these come from outside the individual country and include the growth of the GLOBAL ECONOMY (globalisation) that creates opportunities for countries to prosper. Others include key players in the global economy such as TNCs and various international agencies of the United Nations