Question

What are specific features of underdeveloped countries? Consider the agriculture and services sector, schooling, population growth, mortality, life expectancy etc.

Answer 1

Under developed economies means countries where real income per capita is low compared to US, UK, Australia, Canada, France, Norway, and Japan, or we can claim any other developed economies. This can therefore be regarded as a synonym of poor countries in developed economies.

Several features are:

1. Low per capita income A poor country is underdeveloped.

2. Inequitable Wealth and Income Land ownership distribution, rich businessmen or corrupt politicians tend to favor personal profit over national production, or even capital. In most (if not all) countries in the world, this is the case, but in underdeveloped economies this usually stands out.

3. Farming predominance Two-thirds of people live in rural areas in an underdeveloped country and their main occupation is farming. A developed economy is typically a highly industrialized country with a comparatively less important place for agriculture.

4. Capital deficiency Another underdevelopment indicator is the low availability of capital per head of population. An underdeveloped economy is an economy in which the available inventory of goods on the basis of modern production technique is not adequate to utilize the total available labor force.

5. High Rate of Population Growth Lack of awareness about the use of defense, the high usefulness of child labor and many other reasons stimulate a high rate of population growth in generally poorer countries, especially in underdeveloped ones.

6. Poverty and poverty An important characteristic of underdeveloped economies is widespread unemployment and underemployment. The supply of labor greatly exceeds the demand for labor due to the relatively large population. Providing gainful employment for all is quite difficult. The main reason is because there is a resource shortage. Generally speaking, economies do not have enough resources to develop businesses in order to absorb the entire labor force.