ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -More Economically Developed Countries (MEDCs)-Germany, Canada, New Zealand, Norway etc (all of these countries have high Human Development Index score (more than 0.9). Less Economically Developed Countries (LEDCs)-Bangladesh, Pakistan, Myanmar etc.

Detailed explanation-2: -MEDCs are also called developed or industrialized countries, or MDCs (more developed countries). The United Nations identifies the United States, Canada, Japan, Australia, New Zealand, and all the countries of Europe as MEDCs. The MEDCs account for less than 20 percent of the world’s total population.

Detailed explanation-3: -A developed country-also called an industrialized country-has a mature and sophisticated economy, usually measured by gross domestic product (GDP) and/or average income per resident. Developed countries have advanced technological infrastructure and have diverse industrial and service sectors.

Detailed explanation-4: -More Economically Developed Country (MEDC) refers to a nation amongst the richest in the world. MEDCs are characterised by: high life expectancy, access to essential amenities, access to education and high disposable income.