Discuss some of the characteristics of emerging economies. Why do they grow faster than more advanced economies? Embed course material concepts, principles, and theories, which require supporting...

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Discuss some of the characteristics of emerging economies. Why do they grow faster than more advanced economies?



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Answered Same DayMar 05, 2021

Answer To: Discuss some of the characteristics of emerging economies. Why do they grow faster than more...

Soumi answered on Mar 07 2021
155 Votes
Running Head: ECONOMICS        1
ECONOMICS         2
ECONOMICS
Table of Contents
Features of Emerging Economies    3
Reason for their Faster Grow
th than More Advanced Economies    4
References    5
Features of Emerging Economies
Emerging economies are those countries or markets that progress towards better economic conditions by increasing their industrial and business growth rapidly. Therefore, their characteristics are quite distinctive and easy to mark, which eventually, also lead them to achieve success in the economic growth. Some of these characteristics are—
· Less than average per capita income: Emerging economies have a very poor income rate. As mentioned by Grebosz and Otto (2013), the per-day wages of labors are low, costs of products are less and overall expenditure is also low in comparison to those of a developed economy. However, this particular characteristic is only majorly responsible for facilitating rapid growth in the economy of emerging or developing counties. Hence, it is an advantageous feature.
· Rapid growth or willingness to embrace change: The population of emerging economies are usually very enthusiastic and full of zeal, which is why are always willing to learn as well as grow. Hence, they can embrace changes positively in order to increase their per capita income. However, as argued by Deutschmann (2014), rapid...
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