Economic Essay Example | Topics and Well Written Essays - 1000 words - 5

Economic - Essay Example Some basic examples of underdeveloped regions are Asia, Africa and Latin America. Bangladesh, Bhutan, Nepal, Myanmar, Somalia and Cambodia are some countries that fall into this category. (Gerard Chaliand, n.d) Different countries generally face different problems depending upon the level of development and progress made by the country. Naturally, the ones that are developed will face a lesser number of problems and also of a different kind. Underdeveloped countries are bound to face a mountain of difficulties and of a severe kind. The characteristics of an underdeveloped country are actually what its problems are. The basic challenges faced by people in underdeveloped countries are the unavailability of shelter, clothing, food, health services and even water for every person living. This is due to large populations and little resources. Educational standards are very low – lack of qualification means unemployment. Plus, there is a lack of funds with the government that can be spent on health services and other welfare of the people. Technologically speaking, these countries are almost close to nil. (Poverty in Underdeveloped Countries—The Poorest of the Poor - The Poor In Africa, n.d) Firstly, we have the problem of the lack of resources. Not only is there a lack but there is only a specific type of resource available. Most underdeveloped countries are agricultural economies; that is, they earn by selling primary goods such as tea, wheat, cotton etc. These goods, no doubt, have a huge market but they are not as helpful in progression a country as are industrial and manufacturing goods. Developed countries mainly depend on the export and import of manufacturing goods, also known as, capital goods – these are machineries that enhance the efficiency and production of consumer goods. The usage of these machines in a country helps augment living standards. It is clearly