How do means of transport and communication play an important role in the economic development?
Answer. If the means of transport and communication are improved, quick and cheap they will increase the mobility of factors of production. The reward of all the factors will become equal. The developed system of transport and communication helps in stabilizing prices of the commodities through our the country.
What are the five sectors of the economy?
Sectors of the Economy: Primary, Secondary, Tertiary, Quaternary and Quinary.
What are the major sectors of Nigerian economy?
Economic sectors
- Agriculture.
- Oil.
- Services.
- Mining.
- Energy.
- Overseas remittances.
- Human capital.
- Inflation.
What is the main difference between means of transport and means of communication?
Transportation is a medium to carry people and goods from one place to another place. Communication is a medium fro transferring the message from one place to another.
What are the factors that contribute to economic development?
Factors that Influence the Economic Development of a Country
- 1) Capital Formation:
- 2) Natural Resources:
- 3) Marketable Surplus of Agriculture:
- 4) Conditions in Foreign Trade:
- 5) Economic System:
- 1) Human Resources:
- 2) Technical Know-How and General Education:
- 3) Political Freedom:
How does transport play an important role in our life?
Transport is important because it enables communication, trade and other forms of exchange between people, that in turn establishes civilizations. Transport plays an important part in economic growth and globalization, but most types cause air pollution and use large amounts of land.
What are the major means of transportation?
Complete answer: The four important means of transport are road transport, rail transport, water transport, and air transport. Road transport is the most commonly used means of transport in most parts of the world.
How many sectors are in Nigeria?
12 sectors
Which is the most important sector of economy?
Agriculture
How does the primary sector contribute to the economy?
The primary sector is concerned with the extraction of raw materials. It includes fishing, farming and mining. Typically as an economy develops, increased labour productivity will enable workers to leave the agricultural sector and move to other sectors, such as manufacturing and the service sector.
What are the four major sectors of macroeconomics?
The four aggregate macroeconomic sectors that form the foundation for macroeconomic analysis are the household sector, the business sector, the government sector, and the foreign sector.
What are the major sectors of the economy?
The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary).
Which is the most important to develop the economy?
Following. Education is the first priority to development and investment in human resources. he most important sector to invest for the developing countries to boom their economy is construction.
How does transport play an important role in the economic development of a country explain with examples Class 10?
Transport system helps to send raw materials, fuel and machineries to different industries at right time and runs the industry. It helps to raise the production of raw materials, fuels and machineries etc. by providing market to it. It widens the size of the market.
Why are means of transport and communication important?
The means of transport and communication are called the lifelines of a country and its economy. These help to transfer better technology from one country to other or from one place to other. 2. Means of communication help the traders to have links with other traders and means of transport provide essential product.
What is the importance of means of communication?
Answer. Communication plays an important role in the development of the country. It reduces the distance and makes the flow of information faster. It also saves time, budget and labor, Information, ideas and opinions can be shared among many persons at any given time through modern means of communication.