Economy Types

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Human Geography : Economy
Economy: Economic Geography: Classification, Economic Geography: Definitions, Economy Types, Economic Geography: Functional interrelationship, Economic Geography: Resource distribution, Economic Geography: Resource pattern

Economy Types


There is varied economic development in different countries. Industrialized countries are rich and wealthy and these countries achieve a high level of income and standard of living. Agricultural countries are generally poor. However, Australia, New Zealand and Argentina are exceptions to this rule. These countries are mainly agricultural with large per capita incomes and high standards of living.

The types of economies are as follows:

(1) Highly developed or industrial commercial economies.

a. High per capita Gross National Product

b. Very high Rate of Economic Growth

c. Dominance of Industrial and Commercial Population

d. Has a very large share in the World Trade

e. Great degree of Urbanization and rapid urban growth

f. Very High expectation of life

(2) Semi-developed economies have the following characteristics

a. High per capita Gross National Product

b. A relatively lower Rate of Economic Growth

c. The dominance of Industrial Agricultural Population

d. Relatively less Urbanization

(3) Underdeveloped Economies have the following characteristics

a. Very low per capita Gross National Product

b. Very low rate of Economic Growth

c. Dominance of Agricultural Population

d. Very small share in World Trade

e. Dominance of Rural Population

f. High rate of Population Growth

g. Low expectation of life

(4) Centrally Planned economies are governed by the Centralized Government of the country. The Government is the deciding authority in all matters of the individual. The individual has almost no right for any decision relating to education, job location, savings etc., in extreme case. The rate of saving in these countries is very high. A high proportion of the nations total investment is in activities that increase the capacity of the system for further development and aim at real economic growth. So emphasis is placed on production of fuel, power, iron, steel, chemicals, communication etc. The investment in consumer goods industries is kept at a minimum level.

Next: Economic Geography: Functional interrelationship

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