Economic Development Todaro-smith Powerpoint Slides ((full))

Introduction to Economic Development

39. Appendix slides (optional)

Conclusion

• Objective: explain surplus labor mechanism
• Bullets: two sectors, unlimited labor supply in agriculture, industrial capital accumulation
• Visual: labor transfer diagram

• Characterized by low levels of income, high poverty rates, and limited economic opportunities.
• The majority of the labor force is employed in agriculture.
• The economy is often dependent on a single crop or natural resource.

Part 8: Common Pitfalls When Using Todaro-Smith Slides