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Most developing economies rely on a(n) _____ competitive model. -market-driven -factor-driven -efficiency-driven -innovation-driven

Most developing economies rely on a(n) _____ competitive model.

-market-driven

-factor-driven

-efficiency-driven

-innovation-driven

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Answer #1

The correct option is B. factor-driven Because most developing countries compete in labor and natural resources where the wage rate is low. Even that every developed country firstly face factor or resource-driven stage. Factor driven stage is the first stage competitive model of development. For example, China is a developing country who competes in unskilled labor and natural resource or essential equipment and this competitive stage is called the factor-driven stage.

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