There is a general economic decline during recession. The economy has a tremendous setback. The purchase of the people comes down due to low salaries or lack of sufficient income. This results in slump in market with goods and services not being availed of by people. Production slows down and in turn prices go up. [...]

Poverty is curse as far as developing and underdeveloped countries are concerned. Developed countries such as US are not faced with poverty as their population is provided well with material things, food, clothes and shelter. In fact, these countries enjoy luxuries rather than comforts.
Developing nations such as India and underdeveloped African nations face acute poverty. [...]

Some of the underdeveloped and developing countries face the problem of over population. Too many mouths to feed and less natural resources on hand can have a devastating effect on the economy. Countries like India and China have large population. In India, population growth has been on a higher scale than what the country’s economy [...]

The world economy is not based on equitable distribution of wealth. Some countries are economically poor whereas others such as the USA are very rich and prosperous. There are some nations which are in the developing process, but have a long way to reach the level of development that developed economies enjoy.
The tussle between the [...]

Consumerism is becoming the hallmark of most world economies. In the West, it is a common phenomenon, but now even developing countries in the world are resorting to it.
Consumerism refers to the consumption of goods at a higher rate. The economy is judged by the production and selling of goods. The gross national product is [...]