ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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developed countries; countries in transition
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the tertiary sector; the primary sector
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MDCs, LDCs
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LDCs; MDCs
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Detailed explanation-1: -How are more and less developed countries different? [More developed countries (MDCs) have advanced socially and economically, whereas less developed countries (LDCs) are in the early stages of development.]
Detailed explanation-2: -In MDCs, the literacy rate is usually around 98 percent, whereas in LDCs the literacy rate is around 60 percent. It impact of this is that books are written for people in MDCs and scientific advances tend to occur in these countries.
Detailed explanation-3: -The Effect of Population Growth Rates It is stated that one reason why developing countries have high degrees of income inequality at relatively high levels of industrialization is because of rapid population growth in these countries (Dovring, 91).
Detailed explanation-4: -A lack of capital and investment is a serious obstacle for development. Many LDCs simply don’t have the ability to invest in things like factories, machinery, equipment, infrastructure and higher education to support a developed economy. Since most people in LDCs are poor, they aren’t big spenders.