Socio Economic Factors

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Indicators of economic development and socio-economic factors influencing their growth The subject of this research paper implies that regions develop unevenly under the influence of same socio-economic factors. Therefore, it is necessary to first determine the indicators, which would reflect the level of economic development of the region, as well as factors that may affect the level of economic development of the region. Indicators of economic development of the region. In different interpretations economic development is assessed through various groups of criteria but all of them can be boiled down to two large groups - indicators of expanded capital reproduction and indicators of human capital development level. This is why the notion of…show more content…
Ultimately, the lack of answers to these questions may give an erroneous understanding of socio-economic processes. For example, countries that are rich in natural resources can sustain a high level of GDP per capita but the socio-economic system is built in such a way that the main income is accumulated by a small group of people, while the actual development level of productive forces is rather low. Although in the modern world the number of such highly pronounced cases is relatively small, it remains obvious that to some extent this can occur in various socio-economic systems being veiled with the help of financial flows from rental activity corresponding to modern world criteria of public systems. Therefore, it is important to supplement the GDP per capita indicator with other indicators as they mainly assist in two ways – they characterize the nature of the current socio-economic level as well as outline the socio-economic level…show more content…
In general, a higher share of manufacturing industries and services sector in GDP is an indicator of a higher level of economic development. However, to obtain a more complete picture, shares of various industries are often used as indicators. For example, the share of the telecom industry in the country's GDP. This group also includes the labor productivity indicator but as well as the GDP per capita it should be used with caution. The extent of the labor productivity development is also characterized by how well is the country’s economy integrated into the world economy - a high level of exports to developed countries indicates the competitiveness of domestic production while high level of imports from the developed countries can be a signal to intensify the productive forces development. The labor forces determine the created value and in a sense determine the nature of the current level of socio-economic development of the

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