ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Characteristics of developed countries include: 1) a high per capita income, 2) a diverse industrial mix, including a large services sector; 3) a developed financial system, 4) people having a longer life expectancy at birth, and 5) a well-developed educational system.

Detailed explanation-2: -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-3: -As per the World Bank report of 2016, any country with a per capita income of more than $12, 336 per annum can be categorised as a high-income country or a developed country. High literacy rates and dependence on the service sector are the key features of developed countries.

Detailed explanation-4: -The replacement fertility rate is roughly 2.1 live births per woman for most industrialised countries. Due to increased mortality rates, the approximate average for developing regions of the world is 2.3.