These economies are the mid-point between developed and undeveloped economy. It has got the features of both the developed and undeveloped economies. Developing economies refer to India, Pakistan, Brazil, Indonesia and etc.
Important features
Dominance of agricultural sector:
Major source of income in case of undeveloped and developing economies is agriculture. A large section of population earns living through agriculture. Agriculture is the primary sector of these economies
Small and large scale of production:
Both the private and public sectors exist in the economy side by side. Goods are produced on large and also on small scale by public and private sectors.
Production for self-consumption:
A large amount of goods and services produced is consumed by the producers themselves. Majority of farmers grow props for their own consumption.
Illiteracy:
The important feature of developing economy is its illiteracy. Though efforts are made to eradicate illiteracy but there is still considerable illiteracy and unskilled labour.
Under utilisation of resources:
Developing economies have got significant amount of Natural Resources and large number of labour force. Due to lack of technical knowledge, natural resources are not discovered and fully utilised.
Preference to labour intensive industries:
Unemployment and underemployment are also the problems of developing economies, so small scale and cottage industries which absorb large number of hands are preferred.
Vicious circle of poverty:
Poverty is the vicious problems of developing economy due to poverty there is low income, lesser investment, lesser product in and the result is the poverty again.
Our Indian economy is also termed as developing economy. We have achieved considerable amount of industrialisation at faster rate. In certain industrial and technological field we are at par with developed economies
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North Korea modeled itself after the former Soviet Union in developing its economy. The objective was to attain self-sufficiency in terms of economy.
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ECONOMY: IND:petroleum,natural gas,light industries. AGR:wheat,barleys,oats,grapes,sheep. EXP:crude oil,marine products,rice,coffee
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Finding salient features of a lyric is easy. The salient is changes in the economy and government.
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The most salient and principle point of the article was that the economy was not good.
salient frature of written communication
Salient features mean noticeable, clear to see or obvious features. As an application example: "In his letter, he claimed that he just wanted to say hello, but the more salient message to me was that he was lonely and badly needed a friend to talk to."
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There are several salient features of the Chinese constitution. Some of these include a written document, flexible constitution, and a unitary system.
It was a lengthy discussion, the salient point of which was that we need to be more careful to avoid electrocution.
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