DEVELOPMENT: It refers to the increase in quantity and quality of goods and services and better standard of living. It is increase in the level of advancement and technological know-how on the part of a country.
It explains the movement from primary production to secondary production. In general, development has to do with the stage of maturity.
COMPONENTS OF NATION SOCIO-ECONOMIC LIFE
1) Income (Standard Income): Income refers to labour take home which could be daily, weekly and monthly and commonly referred to as wages (daily and weekly) and salary (monthly). The higher the income of a worker the better the socio-economic life of the individual is expected to be and vice versa.
2) Good Life Expectancy: Good life expectancy can be determined with access to good health care, hygiene environment, leisure. These factors determine the good life expectancy of an individual.
3) Standard of Living: A higher income coupled with a lower cost of living, the better the standard of living can be said to be. An individual with a lower income and a higher cost of living will have a poor standard of living. What made up the cost of living are housing, feeding, transportation and other amenities an individual spends income on.
4) Education: A citizen who has qualitative education will tend to live a better socio-economic life compared to a citizen with little or no qualitative education.
A BUOYANT ECONOMY
A buoyant economy is an economy with conducive environments and atmospheric socio-economic political system.
CHARACTERISTICS OF A BUOYANT ECONOMY
1) Adequate Technology: This will assist in factory production, health care delivery, food processing and quality education.
2) Good Research and Development: A buoyant economy will have a functional research and development specialist. It will focus on development of better product and efficient utilization of available resources.
3) Innovative Educational Development: The educational sector will be innovative and creative in the drive for good citizens and leaders of the future.
4) Good Infrastructural Development: There will be good transportation network both road, rail, water and air, constant electricity, and affordable housing.
5) Good Government Administration and Fair Play: A buoyant economy will be democratic in nature with a functional judicial system that will ensure the protection of citizen’s right and prevent the government from autocratic rule.
6) Good Social Agriculture: This implies food self sufficiency and adequate funding and protection for the farmers.
SOURCES OF DEVELOPMENT PROBLEM
1) Political Instability: Frequent change in government will stunt growth and development of the economy. It will arise from constant change in policy and economy direction.
2) Low Level of Technology: An economy with low level technology will not experience adequate development both in factory production, health care delivery and other sectors of the economy.
3) High Rate of Illiteracy and Ignorance: High rate of illiteracy is a great impediment to development. The citizens will be highly resistant to positive change.
4) Lack of Self-Reliance: Absence of self-reliance will lead to over reliance of external help along with it problems.
5) Low Level of Agricultural Productivity: An economy with low level of agricultural productivity cannot be food self sufficient.
6) Absence of Local Expansionary Market: When the market of economy cannot grow beyond its own border, development will suffer.
7) Foreign Domination of the Economy: An economy that is dominated by foreign power will not achieve it full potential of growth and self determinant of it future.
MEASURES TAKEN TO IMPROVE DEVELOPMENT AND STANDARD OF LIVING
1) Increase in technology
2) Increase in agricultural productivity
3) Increase in level of education
4) Good and efficient leadership
5) Provision of employment opportunity
6) Provision of standard social amenities such as good and affordable transportation.
7) Provision of good security of life and property.