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According to Fajardo in his book, "Economic Development defines as a progressive process of improving human conditions such as reduction or elimination of poverty, unemployment, illiteracy, inequality, disease and exploitations. To understand this meaning carefully, it is an interaction of different factors". The example of this is investing a rice harvest per hectare in your designated ranch, there are various inputs that are combined like fertilizers, insecticides, irrigation, technology, and many other things related to this example.
This development is based on the classifications of countries or what categories do they belong? The categories will be either highly developed countries, intermediate countries, or they belong to less developed countries.
It has also a problem like humans. This development will also give information and at the same time enumerated some countries from different continents that gives economic status of how they performed in their gross national product and gross domestic product.
They must have feedbacks of World History because this will be based on their economic status of how does it developed in the past?
After I end this composition of this article, this is just only the beginning of my content in writing the economic development.
Economics is leading a management thinkers and practitioners that creates their own economic policies either it belongs to monetary or fiscal policies as a new approach and it will force us to think everything we know. This will be an economic revolution in economic management towards the future.
Marketing guru is different in theory and application. The real marketing guru is an actual approach to the economic society. This is dealing with money, finance, investment, business organization whether private or public.
According to James Henry Ting, Chairman and Chief Executive of Hong Kong based Semi-Tech Global Limited said that "Money can do certain things but you've got to motivate people." This was published in the magazine of World's Executive digest.
Globalization is the trend in the modern economics now a days. This is a reality when it comes to global trade business. At present times, it is still existing because it has a well established trade relations from other countries across the globe.
The issue in modern economics are re-engineering the corporation, managing the intelligent enterprise, creating a company of business people.
According to the book of Fajardo which is entitled "Economic Development" that mentions modern theory of employment because it states that "Employment is determined by supply of and demand for labor." This has something to do with labor and employment when it deals with economic labor.
Economics in a modern edition is considered as a management revolution because we are looking forward towards globalization.
Do not wait that our country will collapse due to economic crisis or a next recession will come.
The moral lesson in this article is that we must be prepare in terms of economic crisis at all cost.