What is the meaning of a developing or underdeveloped economy? Write its features.
Answers
Answer:
Underdevelopment is low level of development characterized by low real per capita income, wide-spread poverty, lower level of literacy, low life expectancy and underutilisation of resources etc.
Explanation:
Answer:
An underdeveloped economy is an economy characterised by. Low GDP per capita. Perhaps less than $2,000 a year. Low levels of infrastructure – education, transport and health care. Low levels of human development.
However, there is a set of common characteristics of underdeveloped economies such as low per capita income, low levels of living, high rate of population growth, illiteracy, technical backwardness, capital deficiency, dependence on backward agriculture, high level of unemployment, unfavourable institutions and so on.