ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A developed country (or industrialized country, high-income country, more economically developed country (MEDC), advanced country) is a sovereign state that has a high quality of life, developed economy and advanced technological infrastructure relative to other less industrialized nations.

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: -Meaning. A country having an effective rate of industrialization and individual income is known as Developed Country. Developing Country is a country which has a slow rate of industrialization and low per capita income. Unemployment and Poverty. Comparatively Lower.

Detailed explanation-4: -Developed nations have strong economies, advanced technology, and high standards of living. Three examples of developed nations are Japan, Australia, and Germany.

Detailed explanation-5: -Developing countries are countries that have a low standard living; these countries usually have a low gross national income per capita even though they are in an economical development. They also have a high gross domestic product per capita. Another economic measure is also industrialization.