ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -Standards of living are usually higher in developed countries. In fact, basic measures of standard of living, such as per capita GDP, are often used to define the differences between more and less developed countries.

Detailed explanation-3: -The term Third World was originally coined in times of the Cold War to distinguish those nations that are neither aligned with the West (NATO) nor with the East, the Communist bloc. Today the term is often used to describe the developing countries of Africa, Asia, Latin America, and Australia/Oceania.

Detailed explanation-4: -Developing countries have a lower life expectancy, average education level, and lower quality of life. This standard is known as the Human Development Index. In the context of this development index, most of the countries of Africa and South Asia, and half of the countries in the Middle East, are not yet developed.