explain the following terminologies: developed economy
Answers
Answer:
Terminology is a discipline that systematically studies the "labelling or designating of concepts" particular to one or more subject fields or domains of human activity. ... It does this through the research and analysis of terms in context for the purpose of documenting and promoting consistent usage.
A developed economy is an economy (country) with a high level of economic activity characterized by high per capita income or per capita gross domestic product (GDP), high level of industrialization, developed infrastructure, technological advancement, a relatively high rank in human development, health and education
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Answer:
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Explanation:
A developed economy is typically characteristic of a developed country with a relatively high level of economic growth and security. Standard criteria for evaluating a country's level of development are income per capita or per capita gross domestic product, the level of industrialization, the general standard of living, and the amount of technological infrastructure.
Noneconomic factors, such as the human development index (HDI), which quantifies a country's levels of education, literacy, and health into a single figure, can also be used to evaluate an economy or the degree of development.
Countries with relatively high levels of economic growth and security are considered to have developed economies.
Common criteria for evaluation include income per capita or per capita gross domestic product.
If per capita gross domestic product is high but a country has poor infrastructure and income inequality, it would not be considered a developed economy.
Noneconomic factors, such as the human development index, may also be used as criteria.
Developing economies are often helped by globalization to reach improved levels of income and increased standards of living.