Rural economy and urban economy difference
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Rural economy:
1. Rural economy is mainly agrarian in nature.
2. The occupation is mainly based on agriculture, pastoralism and allied activities.
3. Since rural economy is agrarian, it is dependent on natural resources.
4. Occupations are not specialised. Unlike urban economy, division of labour is not seen.
Urban economy:
- Urban economy is based on markets and financial system.
- The occupation is mainly based on manufacturing, trade and commerce, professional services.
- Since markets are profit driven, the profit motive guides most activities.
- Occupations are more specialised. There is wide spread division of labour based on skills and knowledge.
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