The main characteristics of less-developed economies
Less-developed economies share a set of common features that keep living standards low. These include low incomes, poor health outcomes, weak infrastructure, and heavy reliance on farming or raw material exports.
Real World
Niger consistently ranks last or near-last on the UN's HDI, with over 80% of its workforce in subsistence agriculture, a fertility rate above 7, and limited access to clean water or electricity.
Exam Focus
When asked to 'explain' characteristics, link each one to a mechanism — e.g. low savings → low investment → low productivity.
Price Elasticity of Demand
PED = % change in quantity demanded ÷ % change in price
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