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SS chap 15 Economic Development ([2] Features of Developing economy ([1].…
SS chap 15 Economic Development
[1] Economic (Development And Progress)
Dev = Qualiitative, Happens in Undeveloped Countries, increase in production
Prog = Quantitive, Happens in Developed Countries, Increase in two interrelated factors simuaeltaneously
[2] Features of Developing economy
[1]. Less per Capita Income
[2]. Population growth > 2%
[3]. Agricultural Dependence of > 60% of population
[4]. Unequal Distribution of 20% rich pay 40% tax and 20% poor pay 10% tax
[5]. Unemployment
[6]. Poverty
[7]. Dual Economy somewhere developed and somewhere not
[8]. Insufficient Infrastructure
[9]. Emport more agro products
[3]. Types of Activities
Economic
Non-Economic
[4]. Structure
Primary Sector
Secondary Sector
Service Sector
[5]. Factors of Production
Land
Capital
Labour
Entrepreneurship
[4]. Distribution factors of Production
UNLIMITED WANTS
IMPORTANT IN TERMS OF NECESSITIES
LIMITED RESOURCES
ALTERNATIVE USE OF RESOURCES
[6]. METHODS OF ALLOCATION
Market System OR Capitalist System
Socialist System
Mixed Economy