define developed economy, developing economy and under developed economy best answer will be mark as brainliest
Answers
Less developed countries, developing countries, developed countries and more developing countries… that’s a lot. But here is just a simplification.
These are the differences between
Less developed countries
These countries are also known as “least developed countries” or also known as “developing country”. These countries has a high rate of poverty in that area. These ones have a low amount of human resource, a high rate of economic vulnerability, and as always, a high rate of poverty.
Developing countries
These are also known as “less developed country”. These countries are moderately rich and moderately poor. These countries are not yet considered to be a rich country yet, even though it has a very high HDI on the Human Development Index, even though it has a high GDP per capita, and more. Or in cases, the inequality is so high. Countries in this list has a moderate amount of poverty. A modest GDP per capita, although there are exceptions to some countries.
Another step to that is newly industrialized countries. They are classified as being between developed and developing. Most of these are from Asia, especially Southeast Asia, as their economies just boomed in the 2000s OR not yet classified as a REALLY developed country. The countries in this list are: Mexico, Turkey, South Africa, India, China, Malaysia, Thailand, Philippines, Brazil and Indonesia.
Developed countries
These countries have a high standard of living that rivals most of the developing countries. These countries usually have almost to a full universal health care. These countries have high GDP per capita, like >$20,000 for PPP and >$10,000 for nominal. These countries have very low poverty rates (because you actually can’t remove poverty in the list; they can be present in some places, especially in places where are less developed than the average), but there are exceptions like South Korea, which has a poverty rate of 13–15%. Notable groups include.
OECD. These countries are mostly in Europe, but there are some countries outside Europe. These span mostly developes countries, BUT there is one exception to that: Singapore. (because Singapore does not have any expresses to join OECD.) Nevertheless, mostly developed countries join the group.
Four Asian Tigers. These countries have very-high income economies that only boomed in the 1960s. These countries are small, but they can perform very well in economy talk. These countries are Singapore, Taiwan, Hong Kong and South Korea. 2 out of the 4 of these are governed by China, and 3 out of these 4 did not join OECD.
There are more classifications of developed countries, especially by groups and economic organizations.
More developed countries.
These countries are also called “developed countries”. These countries have a slightly higher GDP per capita, a universal health care, and an extremely low poverty rate, or even relative poverty rate at its lowest. Examples of these are United States, Germany, Norway, Singapore, Hong Kong, Switzerland, etc.