Characteristics of a Rapidly Developing Economy
Question
Explain two characteristics of a rapidly developing economy
Category:
Economic Growth & Development
Frequently asked question
Preview Answer
I. 🍃Introduction
- Definition of a rapidly developing economy
- Importance of understanding the characteristics of such an economy
II. High increase in real GDP per head
- Explanation of how this characteristic contributes to a rapidly developing economy
- Factors that can cause a high increase in real GDP per head
III. Significant improvements in healthcare
- Explanation of how this characteristic contributes to a rapidly developing economy
- Factors that can cause significant improvements in healthcare
IV. Tertiary sector employment
- Explanation of how this characteristic contributes to a rapidly developing economy
- Factors that can cause a high proportion of workers employed in the tertiary sector
V. Low rates of population growth
- Explanation of how this characteristic contributes to a rapidly developing economy
- Factors that can cause low rates of population growth
VI. Spending on luxury products
- Explanation of how this characteristic contributes to a rapidly developing economy
- Factors that can cause increased spending on luxury products
VII. Encouragement of MNCs to set up
- Explanation of how this characteristic contributes to a rapidly developing economy
- Factors that can encourage MNCs to set up in a country
VIII. Advances in technology
- Explanation of how this characteristic contributes to a rapidly developing economy
- Factors that can cause advances in technology
IX. 👉Conclusion
- Recap of the characteristics of a rapidly developing economy
- Importance of these characteristics for economic growth and development.
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