JAMB - Economics (2016 - No. 3)
The major characteristics of an undeveloped nation is
Over-dependence on foreign products
Dominance of the industrial sector
High per capita income
Efficient and sensitive financial sector
Explication
Characteristics
- Low per Capita Income
- Inequitable Distribution of Wealth and Income
- Predominance of Agriculture
- Deficiency of Capital
- High Rate of Population Growth
- Unemployment and Underemployment
- A Dualistic Economy
- Technical Backwardness
- dependence on foreign products