What are the five stages of economic growth?

The five stages of economic growth, as outlined in option B, reflect a well-established model developed by economist Walt Rostow. This model describes the progression of economies through distinct phases that define their development and maturity.

The first stage, the traditional society, represents an economy that is agrarian and largely stagnant, relying on subsistence farming and lacking significant technological advances. The transitional stage marks the beginning of modernization, where a society starts to integrate new technologies and infrastructure, paving the way for economic development.

Next is the take-off stage, characterized by rapid industrialization and economic growth, where a society transitions from agriculture to manufacturing. This phase involves significant investment in infrastructure and increased productivity.

Following the take-off is the drive to maturity stage, where the economy diversifies, and innovations lead to improved standards of living. Industries expand, and growth becomes more sustainable, as the economy becomes increasingly integrated into the global market.

The final stage, high mass consumption, signifies an advanced economy with a strong consumer base, where services dominate the economic landscape, and overall wealth is widespread. This stage is marked by high levels of consumption, allowing for better quality of life and access to goods and services for a majority of the population.

In summary, these stages collectively outline a framework