ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The countries which are going through the initial levels of industrial development along with low per capita income are known as Developing Countries. These countries come under the category of third world countries.

Detailed explanation-2: -Least developed countries (LDCs) are low-income countries confronting severe structural impediments to sustainable development. They are highly vulnerable to economic and environmental shocks and have low levels of human assets.

Detailed explanation-3: -Related terms. The term low and middle-income country (LMIC) is often used interchangeably with “developing country” but refers only to the economy of the countries.

Detailed explanation-4: -Low-and middle-income economies are usually referred to as developing economies, and the Upper Middle Income and the High Income are referred to as Developed Countries.

Detailed explanation-5: -Underdeveloped countries are those with low levels of industrialization, low standards of living and poor economies. They may also be referred to as developing nations or less developed countries (LDCs). Developed countries are those that have a higher GDP and higher life expectancy.