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What is a developing economy? To say a country is developed or developing needs indicators. For illustration: • The World Bank classification utilises one economic indicator
What are the external constraints on government action less developed countries? External Constraints on Government Action LDCs face external factors beyond their control are:
What are the predictions of Lewis? For Lewis, Harrod Domar is right to emphasise the task of savings and investment although structural change and a new industrial sector are
total outlay method as a measure of elasticity with application
What are the assumptions of dependency theory? The assumptions of dependency theory: Dependency theory extends Marx is theory of surplus value to international relationship
What is absolute poverty and relative poverty? Absolute poverty: It is an income level below that essential to meet fundamental requirements. The UN measure of absolute
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What is poverty? Poverty is a complicated multidimensional model measured by using a range of indicators. It is about disparities into the distribution of power, opportunity a
Why are economies developed of less developed countries by growing its secondary sector? Economies cannot grow of less developed countries by developing its secondary sector si
What is structural change? Structural change: Structural change arises while the associate share of GDP and employment accounted for through the primary, secondary and te
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