What are the important features of Developed economies?

Modern economies are termed as developed economies. The important features of developed economies are as under:

Important features

Dominance of industrial sector:

Industrial and service sectors dominated the economy. Agriculture remains a subsidiary occupation. The major part of national income is obtained through industrial production.

Large scale production:

Commodities are produced and manufactured on very large scale, mechanisation is adopted in the industrial production.

Division of work:

The work to be performed is divided and subdivided into small pieces and individuals or group is required to perform only a part of the work. The worker becomes specialised in his job by doing the same work again and again. Division of labour and specialisation increase the quantity of work and improves the quality of production.

Supremacy of capital:

Capital plays a dominant role in the economy. Capital intensive industries are installed. Village, cottage and small scale industries are neglected.

Profit motive:

Human efforts are directed towards earning more and more income.

Dependence:

Individuals and even group are not self sufficient. They cannot produce all the commodities they use. Certain commodities used are imported from abroad.

Economies of America, U.K., Russia, France, Germany and Japan etc. are the examples of developed economy.