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What Are the Different Types of Economic Development Resources?

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  • Written By: Osmand Vitez
  • Edited By: PJP Schroeder
  • Images By: Funkbrothers, Sami Kallioniemi, Francoisloubser
  • Last Modified Date: 07 November 2016
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Economic development resources help a nation improve its economy from one stage to the next. For example, many economies start in an agricultural system, where labor and farms are the primary sources of goods or services. Moving to a more industrialized economy takes a number of different economic development resources. These tend to include education, technology, and an improvement in living standards, among others at any given time. They may occur at different times during a nation’s lifetime, with growing economies offering the best advancement opportunities for development.

Education is a broad term when it comes to the economy and the labeling of economic development resources. While many may think that education solely rests on traditional high school or college degrees, that is not always the case. Whenever an individual has the opportunity to learn a new skill or ability, he or she engages in economic development. One way to accomplish this is by going to a country where development resources are plentiful. The individual can then come back to the young economy and help it grow and expand or, in other terms, develop the existing economy.

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Technology is often one of the most important economic development resources in history. Some of the most important pieces of technology in history were the steam engine and the cotton gin, among a great many other inventions. These resources take an economy from labor based to machine or technology based, with more emphasis on the use of machines to accomplish basic tasks. This concept still holds true in current economic markets, where computers and other electronics technologies advance a nation’s economy. Countries that cannot develop these resources through their own activities will need to work with other economies for development purposes.

In most economies governed by free market principles, individuals are the engines on which economies grow. Any time a nation can improve the living standard of its citizens, it can engage in economic development. Living standards can be anything from housing, income, goods to build a life, or other items necessary to maintain a lifestyle. The way to leverage these economic development resources is by opening up the economy to other nations. Engaging in trade allows the nation to increase its economic opportunities.

No one individual or agency is responsible for the economic development resources it needs for growing and expanding the economy. The point is to simply find resources that allow individuals and business to grow and expand. Economic development may go through a cycle where it grows, stabilizes, and grows again.

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