Question

feature of backword economy ​

Answer 1

Answer:

ɪɴ ᴜɴᴅᴇʀᴅᴇᴠᴇʟᴏᴘᴇᴅ ᴇᴄᴏɴᴏᴍɪᴇs ʟɪᴋᴇ ɪɴᴅɪᴀ, ᴄᴀᴘɪᴛᴀʟ ᴀᴠᴀɪʟᴀʙɪʟɪᴛʏ ᴘᴇʀ ᴘᴇʀsᴏɴ ɪs ᴠᴇʀʏ ʟᴏᴡ ᴡʜɪᴄʜ ʀᴇsᴜʟᴛs ɪɴ ʟᴏᴡ ᴘʀᴏᴅᴜᴄᴛɪᴠɪᴛʏ ᴀɴᴅ ʟᴏᴡ ᴘᴇʀ ᴄᴀᴘɪᴛᴀ ɪɴᴄᴏᴍᴇ. ... ʟᴀᴄᴋ ᴏғ ᴄᴀᴘɪᴛᴀʟ ᴅᴏᴇs ɴᴏᴛ ᴀʟʟᴏᴡ ᴀɴ ᴇᴄᴏɴᴏᴍʏ ᴛᴏ ɪɴᴛʀᴏᴅᴜᴄᴇ ᴛʜᴇ ʟᴀᴛᴇsᴛ ᴛᴇᴄʜɴᴏʟᴏɢɪᴇs. ᴛʜᴜs, ᴇᴄᴏɴᴏᴍʏ ʙᴇᴄᴏᴍᴇs ᴛᴇᴄʜɴᴏʟᴏɢɪᴄᴀʟʟʏ ʙᴀᴄᴋᴡᴀʀᴅ ᴀɴᴅ ɪɴᴛᴇʀɴᴀᴛɪᴏɴᴀʟʟʏ ɪɴ ᴄᴏᴍᴘᴇᴛɪᴛɪᴠᴇ.

Answer 2

Answer:

In underdeveloped economies like India, capital availability per person is very low which results in low productivity and low per capita income. ... Lack of capital does not allow an economy to introduce the latest technologies. Thus, economybecomes technologically backwardand internationally in competitive.