Which of the following best describes "emerging markets"?

Emerging markets are characterized by economies that are experiencing rapid growth and industrialization while typically having lower per capita income levels compared to developed markets. These economies are often in the process of transitioning towards more advanced industrialization and may show significant increases in their GDP, foreign investment, and consumption patterns. They indicate a market transitioning from a primarily agricultural-based economy to one that includes a more diverse array of industries.

In this context, economies with high-income levels and stable growth are typically classified as developed economies, not emerging markets. Economies that solely rely on agriculture do not encapsulate the broader industrial growth aspect of emerging markets, as these markets are diversifying beyond agriculture. Finally, fully developed and technologically advanced economies would not fit the description of emerging markets, as they have realized their industrial potential and achieved stable income levels and growth. Thus, the focus on rapid growth and a shift towards varied industries with lower income levels captures the essence of what defines emerging markets.