Question

On the basis of which values you can distinguish between developed and under developed economy?

Answer 1

The economy of most of the developed countries are dependent on their export. I am wondering how developed countries can survive if they cannot export their products in comparatively less developed countries.EG. A poor farmer who sells his product below market value and he is compelled to purchase industrialised product at a highly inflated price! How can we imagine the development of a Garment worker in bangladesh who works at $20 a month to make a shirt for the people of the country whose per capita income is more than $20,000 a year.

Answer 2

Countries are categorised into 2 key categories by the UN, that are developed nations & developing nations. The categorisation of nations is centred on the economic status such as GNP, GDP, industrialisation,  per capita incom, the standard of living, among others

Explanation:

• Developed nations mean the sovereign state whose economy, relative to other nations, has advanced and has strong technical infrastructure. Developing nations have low industrialisation & low HDI are referred to as developing countries.
• Developing nation are dependent on the developed nations setting up of  industries across the nation. These nations have a low HDI, that is,  low GDP, educational,  high illiteracy rate, communication,  transportation,  inadequate medical facilities, unsustainable govt. debt,  high death rate & birth rate, unequal distribution of income, malnutrition, high infant mortality rate, high unemployment & poverty levels.
• Some examples of developed nations are  France, Canada, Australia, Germany, Japan,  Italy,  Sweden, Norway, United States & Switzerland. Some examples of developing nations are Colombia, Kenya, India,  Sri Lanka, Pakistan, Turkey, & Thailand, .