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Generally an economy is considered underdeveloped if
- a)the standard of living of people is low and productivity is also considerably low.
- b)agriculture is the main occupation of the people and productivity in agriculture is quite low.
- c)the production techniques are backward.
- d)all of the above.
Correct answer is option 'D'. Can you explain this answer?
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Generally an economy is considered underdeveloped ifa)the standard of ...
Underdeveloped Economy
An underdeveloped economy is characterized by low levels of economic and human development. It is often marked by several factors such as low productivity, high unemployment, low standards of living, and poverty. Let us explore the factors that make an economy underdeveloped.
Low Standard of Living and Productivity
One of the major indicators of an underdeveloped economy is the low standard of living of its people. The low standard of living is often associated with low productivity levels in the economy. The underdeveloped economy lacks the necessary infrastructure, institutions, and policies that support economic growth, and hence, productivity levels are quite low.
Agriculture as the Main Occupation
In an underdeveloped economy, agriculture is often the main occupation of the people, and the productivity levels in agriculture are quite low. This is because the farmers lack access to modern agricultural technologies and are often limited by outdated farming practices. As a result, they produce low yields and are unable to generate enough income to improve their standard of living.
Backward Production Techniques
Another indicator of an underdeveloped economy is the use of backward production techniques. The underdeveloped economy lacks modern technologies, and production techniques are often outdated. The lack of modern technologies and production techniques limits the economy's ability to produce goods and services efficiently, and this, in turn, limits its ability to compete in the global market.
Conclusion
In conclusion, an economy is considered underdeveloped if it exhibits low standards of living, low productivity levels, agriculture as the main occupation, and the use of backward production techniques. These factors limit the economy's ability to grow and develop and, as a result, the people of the economy suffer from poverty and lack of opportunities.
An underdeveloped economy is characterized by low levels of economic and human development. It is often marked by several factors such as low productivity, high unemployment, low standards of living, and poverty. Let us explore the factors that make an economy underdeveloped.
Low Standard of Living and Productivity
One of the major indicators of an underdeveloped economy is the low standard of living of its people. The low standard of living is often associated with low productivity levels in the economy. The underdeveloped economy lacks the necessary infrastructure, institutions, and policies that support economic growth, and hence, productivity levels are quite low.
Agriculture as the Main Occupation
In an underdeveloped economy, agriculture is often the main occupation of the people, and the productivity levels in agriculture are quite low. This is because the farmers lack access to modern agricultural technologies and are often limited by outdated farming practices. As a result, they produce low yields and are unable to generate enough income to improve their standard of living.
Backward Production Techniques
Another indicator of an underdeveloped economy is the use of backward production techniques. The underdeveloped economy lacks modern technologies, and production techniques are often outdated. The lack of modern technologies and production techniques limits the economy's ability to produce goods and services efficiently, and this, in turn, limits its ability to compete in the global market.
Conclusion
In conclusion, an economy is considered underdeveloped if it exhibits low standards of living, low productivity levels, agriculture as the main occupation, and the use of backward production techniques. These factors limit the economy's ability to grow and develop and, as a result, the people of the economy suffer from poverty and lack of opportunities.
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Generally an economy is considered underdeveloped ifa)the standard of living of people is low and productivity is also considerably low.b)agriculture is the main occupation of the people and productivity in agriculture is quite low.c)the production techniques are backward.d)all of the above.Correct answer is option 'D'. Can you explain this answer?
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