ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The countries which are independent and prosperous are known as Developed Countries. The countries which are facing the beginning of industrialization are called Developing Countries. Developed Countries have a high per capita income and GDP as compared to Developing Countries.

Detailed explanation-2: -A newly industrialized country (NIC) is one whose economic development is between developing and highly developed classifications. The most significant sign that a country is evolving into a NIC is substantial growth in gross domestic product, even if that growth falls short of developed nations.

Detailed explanation-3: -Some common attributes seen in NICs include increased economic freedoms, increased personal liberties, a transition from agriculture to manufacturing, the presence of large national corporations, strong foreign direct investment, and rapid growth in urban centers.

Detailed explanation-4: -Industrialization is a transformation away from an agricultural-or resource-based economy, toward an economy based on mechanized manufacturing. Industrialization is usually associated with a greater average income and improved living standards.