The _____ stage of economic development is characterized by a thriving consumer and industrial economy with a substantial services sector.

Question

Quizplus · Accepted Answer

The mass consumption stage of economic development is characterized by high levels of consumerism and a diverse services sector, as well as a substantial industrial economy. This stage usually follows the take-off stage, where industrialization and economic growth first begin to accelerate. The transitional stage involves a shift from a traditional subsistence economy to a more modern economy, while the traditional stage involves a largely agrarian economy with little industrialization or consumerism.

The _____ Stage of Economic Development Is Characterized by a Thriving