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What are five economic characteristics of developing nations?
What are five economic characteristics of developing nations?
Expert Solution
There are many characteristics that can broadly be applied to most developing nations. Five may be most applicable to all such countries, however. The first is low income per capita, with the average worker earning very little. The second is a high population and/or a high population growth, as people in developing nations often have more children than those in industrialized nations. The third is high rates of unemployment or unlisted employment; many citizens may be simple farmers, or traders on the black market, without formalized or standardized employment. The fourth, dependence on the primary sector, meaning fields like agriculture or mining, producing raw resources rather than finished products. The fifth and final is a dependence on exports, especially exports of commodities, without the capital or available facilities to depend heavily on imports.
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