Question

Answer each of the following questions in a paragraph.
Which are the important stages of economic evolution? Briefly explain any one.

Answer 1

The important stages of economic evolution are:-

1. Traditional society- It referred to a solely primary sector economy due to high contribution of agriculture in the economy and limited technology. There was no centralized nations or political systems.

2. The Pre conditions of take-off

3. Take-off

4. Drive to technological maturity

5. High mass consumption