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On the basis of economies,we can divide countries into three groups?
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The division of countries into three groups according the economies is known as the three sector theory. They are classified as under:
(i) Developed Countries: These are the countries which have a high rate of GDP. The minimum wage is Rs. 2,000 or more per day.
(ii) Developing Countries: These are the countries which have a developing rate of GDP. The minimum wage is Rs. 500 to Rs. 1,000 per day.
(iii) Underdeveloped Countries: These countries have a low rate of GDP. The minimum wage here is below Rs. 200 or below per day.
Answer:
Explanation:
(i) Developed Countries: These are the countries which have a high rate of GDP. The minimum wage is Rs. 2,000 or more per day.
(ii) Developing Countries: These are the countries which have a developing rate of GDP. The minimum wage is Rs. 500 to Rs. 1,000 per day.
(iii) Underdeveloped Countries: These countries have a low rate of GDP. The minimum wage here is below Rs. 200 or below per day.