Different types of economies
Developed - most common criteria for evaluating a countries degree of development are:
- Per capita income.
- Gross domestic product.
- Level of industrialisation.
- General standard of living.
- Amount of widespread infastructure.
HDI - Human development Index:
- Life expectancy.
- Literacy rate.
- How happy people are.
Different types of Economies
Emerging - a nations economy that is progressing forward towards becoming advanced.
- Emerging economies don't generally have the level of market efficiency.
Needs - goods or services that are required.
Wants - goods or services that are not necessary - but we have a desire for them.