Question

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Answer 1

1.Traditional society: Is an agricultural economy of mainly subsistence farming little to which is traded.

2.Pre-conditions for take off: Agriculture become more mechanized and more output is traded.

3. Take-off: manufacturing industry assumes greater importance.

4.Drive to maturity: The growth of the industry spread to different parts of the country.

5.Age of mass consumption: Output levels grow enabling increased consumer expenditure.

Example:
1. The size of the capital stock is limited and of low quality resulting in very low labor productivity.

2. Savings and investment grow although they are still a small percentage of national income.