what are characteristics of economy?

Answer 1

Characteristics of Developed Economy are given below:

1. High per capita income.
2. High standard of living.
3. Low incidence of poverty.
4. Less inequalities.
5. Large proportion of labour force depends on manufacturing and service sectors.
6. Higher contribution of industrial and service sectors in National Income.
7. Low rate of population growth.
8. Low level of unemployment.
9. High rate of saving and capital formation.
10. Substantial infrastructural facilities.
11. Use of modern and advanced techniques of production.
12. Better quality of human capital, higher literacy ratio, higher education level, adequate availability of health and sanitation facilities.
13. Exports of largely industrial products.