ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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primitive equilibrium
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takeoff
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semi-development
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transition
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Detailed explanation-1: -Using these ideas, Rostow penned his classic Stages of Economic Growth in 1960, which presented five steps through which all countries must pass to become developed: 1) traditional society, 2) preconditions to take-off, 3) take-off, 4) drive to maturity and 5) age of high mass consumption.
Detailed explanation-2: -Traditional Society: This stage is characterized by a subsistent, agricultural-based economy with intensive labor and low levels of trading, and a population that does not have a scientific perspective on the world and technology.
Detailed explanation-3: -Stages of Economic Growth and Economic Development Still, most development economists agree that the key stages of development are related to three different transitions: a) a structural transformation of the economy, b) a demographic transition, and c) a process of urbanization.
Detailed explanation-4: -Economic development is not so important for a country like India. Economic growth means increase in real national income. Economic development involves only economic growth. More items