ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The developed economies broadly comprise Northern America and Europe, Israel, Japan and the Republic of Korea, as well as Australia and New Zealand.

Detailed explanation-2: -A strong and open economy Australians enjoy some of the highest living standards in the world despite being home to only 0.3 per cent of the global population. Since 1992, our economy has grown faster than any other major developed country.

Detailed explanation-3: -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-4: -Examples of countries with developed economies include the United States, Canada, and most of western Europe, including the United Kingdom and France.

Detailed explanation-5: -The Australian Financial Review looks back at the decade that opened Australia up to foreign capital, European migrants and even the possibility of joining the Atomic age.