Chapter 19.1, Problem 2R

To determine

To ascertain: The five economic characteristics of developing nations.

Explanation of Solution

  

Some of the characteristics of the developing countries are shown in the diagram above are described as follows:

1. A developing country, on the whole, is primarily agricultural. Roughly 60 to 75% of its population depends on agriculture and its associated activities for their livelihood.
2. The diversity among emerging economies in terms of size, growth and density may not be seen from the experiences as in terms of their population's reality. While there are examples of India, Pakistan and Bangladesh with their vast millions and galloping population growth rates.
3. Another characteristic of developing nations is a low adult literacy rate. The percentage of people who are unable to read and write. There are few schools, and many children’s miss school to help their families’ farm.
4. Poor health condition is also characteristics of such countries.
5. The GDP growth rate is very low and poorest in the world economy.

Economics Concept Introduction

Introduction: A developing nation is one with lower living standards, underdeveloped manufacturing base, and low HDI compared to other nations. Where as a developed economy is one with a relatively high degree of economic growth and stability.