A2 Characteristics of Markets
Markets can be generally classes as developed economies, emerging markets and less developed economies.
Developed economies are those with a high level of economic activity which will be reflected in a high GDP. People in these economies may enjoy a better standard of living than other economies.
Emerging markets refer to economies that are experiencing rapid economic growth but may lack some of the features of developed economies such as stable currencies and infrastructure.
Less developed economies are low income countries that face a lot of barriers to developing through trade and are very vulnerable to unexpected events such as recession and extreme weather.
