Differences in Economic acivity, levels of income, & employment
differ in terms of quality & availability of infrastructure, including transportation, communication & utilities
Different levels of access to natural resources (water, land, & minerals)
can affect economic activity & development
Regions may differ in terms of population size, density, demographic characteristics (age, gender & ethnicity)
Level of education & skills of their residents
Quality & Effectiveness of their governance structures
different cultural & historical backgrounds
Regions experience different levels of economic development in the past,
=> persistent disparities over time
Access to valuable natural resources
(Oil, gas, minerals) => higher levels of economic development
Well-connected to transportation networks, communication systems, & other infrastructure may be better positioned to attract investment & economic activity
Regions that have higher levels of education & skills among their residents may be better positioned to attract high-skill jobs & industries
Effective & Responsive governance structures + policies that promote economic development, may be better positioned to attract investment & create jobs
Aging Populations & declining birth rates = slower economic growth
Regions that are more integrated into global markets may benefit from increased trade & investment
Those less integrated may struggle to compete
Last changeda year ago