Stages Of Economic Development

Stages of Economic Development
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Stages of Economic Development
Parents are busy people; they have to balance the things they do on a daily basis; this includes spending time with their children, socializing with friends and other family members and working. Also, they might be involved in learning programs to help improve their working skills to make them competitive in the job market. Explaining the stages of economic developing of the information society is not a topic a parent would expect their child to tell them about, explaining this, therefore, requires making the subject exciting to gain their attention and not skipping the key points.
The first stage is referred to as the traditional society. The main points at this level including the lack of modern technology or inability to use it systematically. Also, the majority of the people in a traditional society engage in agricultural activities. The second phase is the pre-conditions to take-off where both trade activities and agricultural production increases; this leads to positive growth in investment and savings (Li & Hung, 2013). The third stage, the take-off period, is characterized by rapid growth in the Gross National Income (GNI) which provides entrepreneurs with an opportunity to use higher technology to develop the economy.
The fourth stage is the drive to maturity; it is characterized by the spread of technology in the industrial sector. Other sectors also experience improved efficiency which accelerates the growth further.

The rate of savings and investments start to slow down. The last stages, the age of mass consumption represents the completion of the industrial process. The income of the employees’ increases which in turn increases demand for consumer goods. Explaining stages of economic development using this method is an effective way of describing the process which allows the parents learn something new.

References
Li, R. Y. M., & Hung, R. (2013). Rostow’s Stages of Growth Model,’Urban Bias’ and Sustainable Development in India.