Which of the following is not a requirement for economic development ?
Correct answer: A. a temperate climate
- A. a temperate climate
- B. natural resources
- C. an adequate capital bases
- D. technological advance
Explanation
A temperate climate may help some economies but is not a necessary condition for development, as shown by successful economies in tropical and arid regions. Capital formation, natural resources where available, and technological progress are more directly linked with development.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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