How Important is Economy for a Country: A Knowledge-Based Guide

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From children to the older citizen, poor to rich, educated to uneducated every human being is well aware of how the economy is important for every country. It is considered the base of a country that determines all the other things, including the future of a nation. The impact of the economy depends on some things. Those basic needs and issues can portray a good picture of the importance of the economy for a country. Let’s have a look at them.

How important is an economy for a country

You can see the impact of the economy by differentiating between the life standard of a man living in a developed country and a man living in an underdeveloped country. There are so many criteria or scales through which we can measure the economic impact on its citizens.

Knowledge

Knowledge is gained through education which helps a man to make himself aware of his rights, creating a sense of self-consciousness inside his mind. Education teaches a man about the duties he needs to fulfill for his own country. It makes him capable of earning his livelihood. It also gives him a moral lesson of life about what is right to do and what is wrong to do. A country’s economic condition controls the literacy rate, including all other aspects related to the education perceiving process of a man. 

An educated man always keeps his interest up about what is happening in his country, its position in the world, and its performance in geopolitics. Also, listening to economic news keeps a man updated about the present situation of his country. Unfortunately, an uneducated man can not participate in any of these things. Only good growth in the economy can make these simple.

Living standard

The economic condition sets a scale for the members of a country regarding their living standards. There is a unique relationship between poverty and the financial situation. If the poverty rate is high, many people live in deplorable conditions. Maybe they do not even get to eat a proper meal once a day. They don’t even get the education to change their condition. The scope of health care facilities is also minimal for them to avail.

When they can not even have a proper meal, they lose hope of changing their fate and start believing that it would be a miracle from God if anything happens like this. But the picture is different for a developed country. Their life standard is so facilized that it even gets hard to avail for men in the upper class of a developing country.

Food and nutrition 

The lack of food and nutrition is another sign of the bad economy of a country. It makes people weak physically and mentally. It can also make the next generation handicapped or disabled. Finally, it breeds social diseases by making people superstitious about baseless things.

Socio-economic condition

A good economic condition of a country keeps the socio-economic situation healthy by keeping the moral standards fixed. When society lives in poverty, they do not care for ethical standards.  Hunger snatches away their ethical standards and makes them like animals who can do anything to live on this earth. To save his existence. Social degradation of society is inevitable if the people living in that society can not even meet the fundamental things of their life.

Unemployment

This is the biggest problem created by the dire economic condition. Students do not have to face unemployment in a developed country as their financial situation is healthy, and they have much scope to explore themselves.  But the picture is different in an underdeveloped country. A fresh graduate student has to compete with many people only to get a respectable job.

Child labor

The future of a country depends on how the new generation is being treated and prepared to take up the nation’s responsibilities. Child labor is such an indicator that points at the bad economic condition of a country. When the family can not afford things that are must for living, they send their child to do jobs to earn money instead of sending them to schools to become educated. It keeps a child from being a responsible member of his country by making his prey on alienation.

Final verdict

No matter in which country you are living now, as a citizen, you should always try to contribute to the economic growth of your country for the betterment. It will ensure a good future ahead for your country.

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