LEARNER TASK 3:
1.) What is the commonalities of developing countries and explain commonalities?
The commonalities of developing countries are :
Lower levels of living and productivity
Low productivity means the business is having trouble producing more with the same
amount of resources. Productivity is crucial in developing nations because it has a
significant impact on living standards. Higher productivity also raises earnings. People
can acquire what they desire by raising it.
Lower levels of human capital
Human Capital-The knowledge, skills, and health that people acquire throughout the
course of their lifetimes, allowing them to reach their full potential as contributing
members of society, are collectively referred to as human capital. By investing in human
capital, we can eradicate extreme poverty and promote more inclusive societies.
Without human capital, nations cannot maintain economic growth, won't have a
workforce ready for the future's higher-skilled employment, and won't be able to
successfully compete in the global market.
Higher levels of inequality and absolute poverty
At whatever pace of growth, the greater the baseline level of inequality, the lower the
rate of income poverty. It is conceivable for inequality to become severe enough to
cause rising poverty.
Higher population growth rates
The increase of persons in a population or dispersed group is referred to as population
growth.
Population expansion in underdeveloped countries may appear to be beneficial to local
economies. Additional individuals supply the labor required to produce goods and
services. However, rapid growth in some areas leads to increasing home costs and
unsustainable traffic.
Greater social fractionalization
Social fractionalization may not be bad to rich countries, but it is harmful to developing
countries.
Larger rural population but rapid rural-urban migration
Lower levels of industrialization
Adverse geography
Underdeveloped financial and other markets
Lingering colonial impacts such as poor institutions and often external dependence
