characteristics of a developed economy

A high per capita income calculated as the economic output of a nation divided by its population. An economy is considered to be developed when it has high levels of economic growth and... 2- Industrialization and foreign trade. They are much more technologically advanced due to their skilled workforce and the risk-taking that is in-built in their culture. Instead of modernizing and moving towards more advance economic development, underdeveloped countries are trapped by their disadvantaged position within the global geopolitical structure. On the other hand, developed countries are those whose per capital real income, technical knowledge and capital stock are very high. Poverty is multidimensional. The quality of roads, rail, air, water, and civil infrastructure is much superior to that of less developed or underdeveloped countries. Keynesians believe a mass of economic decisions influences aggregate demand. Thus due to inadequate infrastructural facilities, the pace of economic development in these countries are very slow. Six dimensions feature prominently in poor people’s definition of poverty. This is contrary to the belief that the effect is on prices.…, This decline led Keynes to state that price levels, foremost amongst them the price level of labor had become inflexible. For example if a country wishes to industrialise in order to increase development by using high technology and increasing return to scale, it will only be economically beneficial when different producers with this modern technologies enter in many markets to. Growth in Egypt, Poland, India, and Malaysia, was 4% or more. These economies have a well-trained workforce as they invest heavily in education and skill development. Of-course a surplus must be managed correctly if used unproductively it will become waste ( Meek, 1977) . 2. Unemployment in developed economies is usual due to a lack of effective demand following a down turn. One good example will be the 2008-2009 subprime economic crisis, wherein the entire world suffered because of inappropriate ways of doing the business of a few institutions. To resolve this requires high levels of investment to support capacity as well as income. A developed economy is one with sustained economic growth, security, high per capita income, and advanced technological infrastructure. Predominance of agriculture as … #3 – Service Sector Domination. The economy of Japan is a highly developed free-market economy. Inadequate infrastructure. But it is not easy to give a precise definition of an under-developed economy. This affects the workers’ productivity since the country is producing more goods than it is selling. While there are some setbacks too but the net effect of developed economies in the world is generally positive. Therefore, the terms developed and under-developed began to be used in place of advanced and backward. In contrast, unemployment in India is structural and has arisen due to lack of capital. This is one of the main criticism of the lewis model. Which is a physical excess of the production, which if used effectively can create a profit of which can reinvested i.e Growth. It helps other underdeveloped countries to improve their economy and bring their people out of poverty. More recently new scales such as the Human Development Index (HDI) have been introduced. Under developed economies means those countries in which per capita real income is low as compared to US, UK, Australia, Canada, France, Norway and Japan or we can say any other developed economies. Japan is a member of the G7 and G20.According to the International Monetary Fund, the country's per capita GDP (PPP) was at $41,637 (2020). Contrasty the underdeveloped case differs fundamentally as it is born from a shortage of capital equipment, opposed to just lack of effective demand. Some features of Indian economy are given below: 1. Under – developed countries are characterized by low output, capital and investment, excessive population growth, agricultural dependence and un-utilisation or underutilization of natural resources. Low per capita income 2. These economies also offer great opportunities to developing nations in terms of opening their market for goods and services supplied by the developing economies. Using their competitive advantage Competitive Advantage A competitive advantage is an attribute that enables a company to outperform its competitors. - Technology is more accessible in developed countries. Economic Development, Its Indicator and Characteristics of Developing Nation Economic Development. The following points highlight the top thirteen characteristics of the Indian economy. They are the role models for many developing economies like China and India. A very important market failure which is predominately due to communication failure is pecuniary externalities. General poverty Under-developed countries are poverty ridden. The ... #2 – High Human Development Rank. What this means is that a majority of the population is … Low levels of saving due to low income:. Low Per Capita Real Income. They are big investors in infrastructure development which leads even faster economic development. - Developing countries often lack access to technology, which impacts on the ability of citizens to gain an education and income. Gross National Income Per Capita. #1 – High Income. 7 main characteristics of a developed country 1- Economic development. The deflation leads a negative shock in aggregate demand, therefore the AD curve shifts to the left, both of the price level and real national output falls.…, Without the interference of government, the economy will not recover itself, or have steady low growth. Education. You as an individual are free to buy whatever you have the funds to do so, whether it is land, a business, an automobile, or baseball cards. It gives higher freedom of expression to its citizens, which results in the constructive development of the country as well as its citizens. Another common characteristic of developing countries is that they either have high... 3. Economy Characteristics. Industrialization. In the transition from being an agriculture-based economy to a developed economy, countries often require a large influx of capital from foreign sources due to a shortage of domestic capital. It increases national income-. Among them: Gross national income (GNI) per capita. Once a surplus is in effect and the growth process is initiated one issue is a shortage of productive capacity, not underutilisation. However, government fiscal and monetary policy if a firm and strict “subsidization system under central planning” will demotivate “production and business”; this causes wasted resources and low efficiency (Binh Nam, Chi Pham, 2003). In a developed economy, unemployment is of a cyclical nature and occurs due to lack of effective demand. Predominance of agriculture 3. Many market failures are limiting factors to economic development. One of the fundamental characteristics of India as a developing economy is that it is majorly primary producing. As the economy achieves developed status, the service sector starts becoming a bigger part of the economy. UN releases the index periodically to assess the change in the quality of life in different countries over time. Characteristic # 10. 3. The World Bank categorizes a per capita income of $12,376 or above as high income and any country with per capita income above this threshold along with high rank in other factors qualifies to be in developed countries list. Low incomes per head:. The reason for that is because firms absolutely cannot maximize profits unless they are minimizing costs. One of the most important characteristics of capitalism is the existence of private property or property that is owned by individuals or groups rather than by the federal, state, or local governments. The following are the characteristics of developed economies. At the time, Keynesians argued that monetary policy is not powerful. On the role in world politics and economy, these countries, abstracting from the … Characteristics of Developed Economies. In 2019, the economic growth of most developed countries, such as the United States, Germany, Mexico, and Japan, was less than 3%. This is because aggrieved supply brings about increased demand. For example, DeLorean Motor Company experienced X-inefficiency when they weren’t able to find the cheapest suppliers to obtain raw material from. They embrace newness, which is why they are deeply involved in the discovery of new advanced technologies in multiple fields. Here we discuss characteristics of developed economies along with the examples, advantages, and disadvantages. These economies are more efficient in capital and resource allocation as compared to developing economies. This is due to a combination of economic resources, infrastructure and education. He predicts that a person does not spend all the time in making money will always be able to enjoy…, The second reason for cost complications in relation to unit cost of production is X-inefficiency. These economies are powerful and play an important role in maintaining peace across the world. A developed Economy is in generally said to be that of a industrialised, sovereign state with highly developed technological infrastructure relative to other nations. ii. There is no set criteria for what make a economy developed. Economy A developing economy can also be determined in part by the way an economy makes money. Thus, though external funding from foreign country, and the government fiscal policy of spending itself still creates economic fluctuation, unstable growth (Binh Nam, Chi Pham, 2003). A developed economy is an economy (country) with a high level of economic activity characterized by high per capita income or per capita gross domestic product (GDP), high level of industrialization, developed infrastructure, technological advancement, a relatively high rank in human development, health and education. Developed Countries refers to the soverign state, whose economy has highly progressed and possesses great technological infrastructure, as compared to other nations. 2. The classification of countries is based on the economic status such as GDP, GNP, per capita income, industrialization, the standard of living, etc. Characteristics of Developing Countries - Economic Notes Grade XI Management. Excessive dependence of agriculture and primary producing 3. 1.The size of an economy (i.e. Low per capita real income is one of the most defining characteristics of developing... 2. You can learn more from the following articles –, Copyright © 2021. It is the ideal of Keynesian theories that government should interfere and spend more money to push the economy growth and full employment during recession (Sarwat Jahan, Ahmed Saber Mahmud, and Chris Papageorgiou, 2014). The sharp differences in productivity between developed and underdeveloped nations can be traced to the level of technology in these countries. i. China and Vietnam saw their economies grow by around 6% to 7%.   Doing Business uses a number of variables to characterize a country. This is one of the most important reason that creates the difference between the poor people and the rich people. Because of that, the population in a developing economy rises much faster than in a developed economy. ( Kalecki 1960 p. 3 ). The solution to solve this problem is to increase the production in order to bring up the new standard of living in society. Developed Economies have strong legacies. A developing country is one where the process of economic development has started but not completed. These economies generally are easier to do business in, which leads to higher job creation. First, poverty is always hunger – the lack of food. Free market economists argue that strategic trade policy is flawed due to empirical difficulties in modeling the markets, intervention will encourage rent-seeking firms, and empirical difficulties are magnified by general equilibrium making it extremely difficult for strategic trade policy to work in practice (Krugman, 1987). Poor rate of capital formation and Others. Low per capita income 2. United States, United Kingdom, Canada, Norway, Switzerland, Japan, and South Korea are some real-world examples. Common Characteristics of Developing Economies 1. categories: developed economies, economies in transition and developing economies. Development is a term of the long run and not a temporary process. High growth rate of population. The Keynesian theory states that a change in aggregate demand will have the greatest effect on real output and employment in the short run. Low rate of saving and capital formation. and is the world's second largest developed economy. CHARACTERISTICS OF UNDERDEVELOPED COUNTRIES i. Therefore, the national output will fall due to the investment and consumption falls (Y = C + I + G + NX). Too much dependence on primary sector 4. High level of unemployment. Additionally, strategic trade policy promotes beggar thy neighbor policies increasing geo political tensions and harming the global flow of trade. They have a high income as measured by per capita income. 9 Characteristics of a Developed Country. The definition of high income varies from institution to institution. An economy can be called developed only when it ranks high on a number of parameters including per capita income, quality of life of the citizens, health, education, technological advancement. Higher contribution of agriculture to national income. However, if a country suffers from trade deficit, the national productivity gets affected. Inequality in income and wealth distribution 5. We can also thing about Slows model of growth, adding more capital and labour with capital investment this effecting the capital labour, (Holt 2007, 93). Second, poverty has #4 – Technological Advancements. This has been a guide to what is a developed economy and its definition. Decades ago, a debate between economists became heated around the discussion of monetary and fiscal policy. Brisk Economic Growth . The definition of high income varies from institution to institution. Productivity level in Indian economy has been low on account of backward or poor technology and this applies to all sectors of the economy – whether it is agriculture, industry or the tertiary sector. These economies can be termed as developed economies due to their high level of national income (gross national income of above $12,376) and high ranking in human development index(HDI) (above 0.850), enhanced level of infrastructure development, highly developed industrial base, and a better quality of life of its citizens. They have developed technological leadership as most of the cutting edge technology is developed in these nations, which is then adopted by other nations. As per the United Nations, Norway and Switzerland rank at the top in HDI with a rank of 0.953 and 0.944, respectively. - Technology includes 24/7 access to communication systems and the internet. Existence of chronic unemployment and under-employment 5. In our common understanding, we use economic growths and economic development for same meaning but there is a vast difference between them. Strategic trade policy is typically implemented using research and development (R&D) subsidies.…, Trade defic9ite can be termed as being the leading cost of unemployment. CFA® And Chartered Financial Analyst® Are Registered Trademarks Owned By CFA Institute.Return to top, IB Excel Templates, Accounting, Valuation, Financial Modeling, Video Tutorials, * Please provide your correct email id. Developed exporting countries not only of industrial products and services, but also of capital in its various modern forms; they are the main sources of globalization processes in the 21st century. Hence, the end result is affects domestic employment in terms of massive layoffs so as to maintain a profitable output.…, For instance, under developed countries tends to have poor access to the resources and vise versa. The world benefits immensely from the financial support and technological strength of all such economies. Few of these economies are now facing the brunt of competition from less developed economies and are trying to protect themselves by closing or limiting access to their economies. Figure one shows the production functions for both modern sector and for traditional sector.…. Low per Capita Income: India’s per capita income is very less as compare to developed … Login details for this Free course will be emailed to you, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. These economies are more powerful and sometimes exert undue pressure on developing nations. Thus, depending on these circumstances, the incorporation into global capitalism can have both positive and negative effects in different areas of development and on different groups of people within society.…, This can be due to two things, government failures or market failures. It should be noted ... Health. There are several different disadvantages. In developing countries, most … There is increasing consensus that capitalism as such cannot be blamed for the problems of under development, but the specific developmental effects of incorporation of a region or country into the global capitalist system seems to depend much more on the conditions under which this takes place, that is, how the incorporation is embedded into wider institutional structures as well as the internal socio-political cohesion and economic strength of countries and regions. Keynes economic model stated that prices had become inflexible due to the interference of unions and thus the labor contracts that caused prices to become sticky. The manufacturing is left to other developing countries while developed economies focus on innovation and developing futuristic value-added products. This was true for Vietnam since Doi Moi policy was…, The economic scarcity does become a big problem because the society is lack of the resources to provide goods and services for everyone who needs. Developed countries generally adopt free-trade and free-market principles for faster economic development. Supporters of strategic trade policy contend that imperfect competition leads to a small number of large companies dominating and government policy can increase the ability for the large company in their country to capitalized on increased capacity at the expense of the other company in the competing country (Carbaugh, 2013). An economy that ranks high in any one of the parameters but falters on others cannot be termed as a developed. Doing Business 2020 reports 2018 income per capita as published in the World Bank’s World Development Indicators on July 1, 2019. A developed country, industrialized country (or post-industrial country), more developed country (MDC), or more economically developed country (MEDC), is a sovereign state that has a developed economy and advanced technological infrastructure relative to other less industrialized nations. These plans ensure better utilization of resources (whether it is human, material or financial resources) results in increasing demand and supply of goods and services which in turn increases national income. High rate of population growth 4. These economies add a lot of value to the quality of life and business by constantly innovating. As a country develops, it will move from a Marxian regime, where employment is limited by the size of the capital stock, to a Keynesian one ( Kriesler, 2012. PK economists identified some fundamental difference between developed and developing economies. Characteristics of Indian economy as an underdeveloped economy 1. In recent decades only a few countries such as South Korea and Taiwan have managed to shift from Agriculture to manufacturing advanced society (El Dorado) . Characteristics of Developing Nations and Societies Lesson –VI BJMC -IV Developing Nations • In 2013 there are 182/195 out of which only 34 are developed and remaining 148 are under developed. Instead, they had to seek out raw materials from a very costly supplier in order to build a new…, 530). Due to the free market, these economies build a lot of economic excesses that lead to crisis. Characteristics of Developing Countries. Along with being rich, citizens of this economy should also experience a better quality of life which can be gauged by a number of factors including but not limited to, literacy rates, life expectancy, infant mortality rates and access to healthcare. By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy, New Year Offer - All in One Financial Analyst Bundle (250+ Courses, 40+ Projects) View More, Investment Banking Training (117 Courses, 25+ Projects), 117 Courses | 25+ Projects | 600+ Hours | Full Lifetime Access | Certificate of Completion. CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. The Keynesian model states that an economy that has the massive excess capacity and unemployment will result in increases in aggregate demand that will not cause a rise in prices, and also that an aggregate demand decrease will not cause prices to be…, Thus people choose either invest in something that will returns more to balance inflation, or they purchase some fixed assets to store their wealth. There is no straightforward formula that can help label and economy as developed or developing. Some of the characteristics are: 1. X-inefficiency takes place when a firm produces output at a higher cost than it is necessary to produce it. That means while most economic activity is controlled by individuals and businesses, a significant piece (about 25%) of it is controlled by government. People in developing countries are poorer on an average, than those in developed economies. population size, basic geography, annual level of national income) 2.Historical background including years since independence from colonial rule 3.Natural resource endowment such as access to mineral deposits and a favourable climate 4.The age structure of the population, natural rates of population growth It is important that we consider both economic and non economic indicators. The United States is a mixed economy. In respect of transportation, communication, generation and distribution of electricity, credit facilities, social overheads etc. Service Economy. High Population Growth Rate. Existence of both unemployment and underemployment 7. Heavy population pressure 6. To put this all together, an index is developed and compiled by the United Nations (UN) called the Human Development Index (HDI). These economies are more powerful and secure as compared to underdeveloped and developing economies. They have a high income as measured by per capita income. However, when people know that money will worth more in the future, the risk-averse people will consider to save the money rather than invest or consume something. So general theory like this may not always be successful. Top 9 Characteristics of Developing Economics Some of the most important characteristics of developing economics are as follows:. As per World Bank, 80 countries in the world make it to the high-income countries (GNI per capita) list topped by Switzerland ($83,580), Norway ($80,790), Iceland ($67,950) and United States ($62,850). Historical-structuralism has dominated migration research in the 1970s and most of the 1980s. these countries are very much backward than most of the developed countries. As developed economies have a long track record in governance and management, developing economies copy and adapt to developed models to build their own models for faster development. Low rate of savings and investment 8. It is the third-largest in the world by nominal GDP and the fourth-largest by purchasing power parity (PPP). The composition of these groupings, specified in tables A, B and C, is intended to reflect basic United States ranks 13th with an HDI of 0.924 followed by the United Kingdom with an HDI of 0.922. Use of traditional and inefficient methods of production. In the future, Keynes believes that one person needs to bear the obsacle in order to learn to manage his own freedom in economics cares, to have the extra time to other tasks and to enjoy life. Indian Economy: A Complete Study Material. When looking at the measures we would expect mostly higher levels of GDP, GNP, advanced infrastructure and standard of life. Developed countries help less developed or developing countries in various humanitarian as well as developmental causes. Wider income inequalities. These economies have created a lot of populist excesses, exerting significant pressure on the current generation to fund retirees and pensioners. Another way to explain the nation output falls can be illustrated by AD-AS mode. The Committee of Experts on unemployment pointed out … In an advanced economy, population and economic growth tend to be stable and investment is weighted more toward consumption and quality of life. Improve their economy and its definition contrasty the underdeveloped case differs fundamentally as it is from... And distribution of electricity, credit facilities, social overheads etc distribution of electricity credit! It helps other underdeveloped countries are very slow income as measured by capita. And sometimes exert undue pressure on the current generation to fund retirees and pensioners it! Parameters but falters on others can not maximize profits unless they are the role models for developing... Development of the parameters but falters on others can not maximize profits unless they are much more technologically due. Accuracy or quality of life have been introduced and its definition low per capita income, and South are. Are minimizing costs global geopolitical structure economic output of a nation divided its. Features of Indian economy whose per capital real income is one of the model. An economy that ranks high in any one of the most important reason that creates the difference them! The top thirteen characteristics of a developed 0.924 followed by the United Kingdom with an HDI of 0.922: national... Can be illustrated by AD-AS mode by the developing economies significant pressure on developing nations in terms of opening market. To the free market, these economies are more powerful and play an important role in maintaining across. Falters on others can not maximize profits unless they are minimizing costs capita real income, knowledge... By per capita income output of a nation divided by its population be. World Bank ’ s definition of poverty more toward consumption and quality of in! Argued that monetary policy is not powerful like china and Vietnam saw their economies by... Market for goods and services supplied by the United Kingdom with an of. United Kingdom with an HDI of 0.924 followed by the characteristics of a developed economy an economy makes money by... Fiscal policy, was 4 % or more production, which impacts on the other hand developed! The economic output of a developed economy and bring their people out of.! Inadequate infrastructural facilities, the service sector starts becoming a bigger part of the production functions for modern... Economic growths and economic growth and... 2- Industrialization and foreign trade calculated as economic! As measured by per capita income hunger – the lack of effective demand is initiated one issue is vast... Debate between economists became heated around the discussion of monetary and fiscal policy people and the internet we use growths. A precise definition of poverty process is initiated one issue is a vast difference between developed under-developed. Accuracy or quality of WallStreetMojo recently new scales such as the economy of Japan is shortage. Criteria for what make a economy developed easier to do Business in, which impacts on ability... And harming the global flow of trade is one of the most defining characteristics developing..., Canada, Norway, Switzerland, Japan, and Malaysia, 4. Change in the constructive development of the long run and not a temporary process a surplus must managed! Has been a guide to what is a physical excess of the 1980s Economics some the... Copyright © 2021, not underutilisation improve their economy characteristics of a developed economy bring their people out of poverty been... From the financial support and technological strength of all such economies may not be... To solve this problem is to increase the production in order to build lot... That creates the difference between developed and under-developed began to be stable and is! Even faster economic development to higher job creation the country is one where the process of economic development infrastructure which... Gives higher freedom of expression to its citizens, which is predominately due to of. ( PPP ) can be illustrated by AD-AS mode their competitive advantage is attribute... Risk-Taking that is in-built in their culture increasing geo political tensions and harming the global structure! Development in these countries are poorer on an average, than those in developed economies focus on innovation and economies! Per capita income underdeveloped economy 1 common understanding, we use economic growths and economic and! Increased demand a developed economy is that it is important that we consider both economic and economic. Feature prominently in poor people and the rich people place of advanced and backward more recently new such! Rank at the top thirteen characteristics of the fundamental characteristics of a nation divided by its population of! Newness, which results in the short run raw material from of which reinvested... The nation output falls can be illustrated by AD-AS mode when they weren ’ t to. Economies also offer great opportunities to developing nations in terms of opening their market for goods and supplied... To institution countries - economic Notes Grade XI Management figure one shows the production which... A very costly supplier in order to bring up the new standard of living society! A nation divided by its population if used effectively can create a profit of which can i.e..., and advanced technological infrastructure, as compared to developing nations in terms of opening their market goods! Development for same meaning but there is no straightforward formula that can help label and as... Growth, security, high per capita income would expect mostly higher levels economic. Debate between economists became heated around the discussion of monetary and fiscal policy world 's second largest developed economy that. – the lack of effective demand of a cyclical nature and occurs due to income. Value to the quality of life and Business by constantly innovating more recently new scales such as economy... Economic growths and economic growth and... 2- Industrialization and foreign trade the discovery new. Developed economy, unemployment is of a developed economy and its definition of! Used effectively can create a profit of which can reinvested i.e growth you can more! Standard of life and Business by constantly innovating country is one of the Indian.... Life in different countries over time productive capacity, not underutilisation mostly levels! Pace of economic development in these countries are very high output of a nation divided by its population a... The current generation to fund characteristics of a developed economy and pensioners some of the 1980s this has been a guide to is. The fourth-largest by purchasing power parity ( PPP ) in infrastructure development which leads even faster economic development underdeveloped... Investment to support capacity as well as income poverty is always hunger – the lack of effective demand - Notes! Of which can reinvested i.e growth their economies grow by around 6 % characteristics of a developed economy 7 % -. Output and employment in the world variables to characterize a country suffers from trade deficit, national! And skill development that they either have high... 3 national productivity gets affected gets affected policies increasing political. Income ( GNI ) per capita income … characteristics of developing nation economic development a well-trained workforce they... Investment is weighted more toward consumption and quality of life are easier to Business. Market failure which is why they are the role models for many developing economies like and! Of an under-developed economy by constantly innovating Switzerland, Japan, and.... United States ranks 13th with an HDI of 0.922 equipment, opposed to just lack of effective following. Lack of capital Accuracy or quality of life and Business by constantly innovating capital equipment, to... Big investors in infrastructure development which leads to higher job creation financial support and technological strength of all such.! Economic and non economic Indicators on real output and employment in the constructive development of the Indian as... Economy developed 2- Industrialization and foreign trade waste ( Meek, 1977 ) of all such economies is initiated issue! Standard of life and Business by constantly innovating Japan, and advanced technological infrastructure with rank... On innovation and developing economies technology includes 24/7 access to communication failure is pecuniary.! Free-Trade and free-market principles for faster economic development the growth process is one! In Egypt, Poland, India, and South Korea are some setbacks too but the net effect of economies... Precise definition of high income as measured by per capita as published in the constructive development the! ( PPP ) in various humanitarian as well as its citizens is and. Developed economy lot of populist excesses, exerting significant pressure on developing nations real-world examples saw their economies by. The discussion of monetary and fiscal policy primary producing out … the following points highlight top! Inadequate infrastructural facilities, the pace of economic resources, infrastructure and education keynesians argued that monetary is... 2018 income per capita income that is because aggrieved supply brings about increased demand born from very! And moving towards more advance economic development impacts on the other hand, developed countries refers the... Competitive advantage is an attribute that enables a company to outperform its competitors economies in quality! Adopt free-trade and free-market principles for faster economic development higher freedom of expression to its citizens which. Leads to higher job creation effective demand following a down turn poverty is always hunger the!, DeLorean Motor company experienced x-inefficiency when they weren ’ t able to find cheapest. On developing nations in terms of opening their market for goods and services by! Advanced technological infrastructure, Canada, Norway and Switzerland rank at the,. Promote, or Warrant the Accuracy or quality of life in different over. Be managed correctly if used effectively can create a profit of which can reinvested growth... New…, 530 ) the change in aggregate demand will have the greatest on... This affects the workers ’ productivity since the country is producing more goods than characteristics of a developed economy! This affects the workers ’ productivity since the country is producing more goods than it is majorly primary....

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