National income as well as per capita income influences the economy of a country in variety of ways. The traders involved in production and manufacturing of several goods contributes in the country’s economy. Several activities carried on in the society such as political, cultural, technological evolution, education, corporate etc contributes in our economy for its growth and development. It is also one of the activities that contribute in the country’s economy. The currency valuation is also affected if the economy of the country declines or rises.
Benefit of exporters over importers
The economy of the country is also responsible for getting maximum exports or imports. Eventually the country that exports its major products wins over the country that continuously imports from other countries. The income from goods exported takes a good place in the national income of the country.
Sector based economy also plays a wonderful role in getting more currency. If the country improves its industries and earns great revenue from the particular field, the entire nation will be benefitted. Today, more and more people are getting engaged in the activity of online betting. People are earning a lot through betting and adding a portion in the country’s economy. Even the agriculture and technological sector of the country becomes very improved and contributes to country’s economy.
Factors responsible for nation’s economy
The basic idea behind each economy is import and export. The currency of the state needs to be really strong in order to stabilize the money value in the economy. Otherwise the market will become really unstable. Stock market and mutual fund holders will also run in great loss. US dollar is the worldwide acceptable currency. There will be changes in the currency rates which will affect the local market. With the un stability of the economy, the exporters will also lose.
The banking sector of a country must contribute to support the country’s economy. The financial ministry of the state sets the interest rate of a state. This provides a direct impact on the growth rate of the economy. If the interest rate in the bank is set higher, the businessmen will hardly borrow money from the bank in the form of loan. Again when the rate of interest becomes lower, all the corporate as well as businessmen will come forward to borrow money.
Competition among the traders is carried on spontaneously to attract buyers from the market. If the one charges higher, the customer will go to other traders who sell the goods and products in affordable rate.
Individuals willing to avail service and products on credit with the help of credit cards are spontaneously taking the advantage. But, when there are defaults the banking sector will be in a great loss. Online betting will be one of the important ways to increase the revenue in the market. This can also be one of the fundraising ideas in the economy. The credit holders play another important role in getting financial stability.