ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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developing
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in transition
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developed
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in North Africa
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Detailed explanation-1: -Low-and middle-income economies are usually referred to as developing economies, and the Upper Middle Income and the High Income are referred to as Developed Countries.
Detailed explanation-2: -Most developed economies experience slower economic growth as compared to developing countries. For example, in 2016, India had a growth rate of 7.1% while the American economy was only growing at 1.6%.
Detailed explanation-3: -An economy with negative growth rates has declining wage growth and an overall contraction of the money supply. Economists view negative growth as a harbinger of a recession or depression.
Detailed explanation-4: -Special Considerations. A sluggish economy is harmful to most businesses since consumers are less likely to purchase their products. It may also have a negative effect on the labor market as businesses are less willing to hire more staff in times of weak economic growth.