Question

the difference between underdeveloped and developed economy​

Answer 1

Answer:

Developed countries

(i) These countries have high per capital income.

(ii) The standard of living of the people is high.

(iii) For example, USA, UK, japan, etc.

Underdeveloped countries

(i) These countries have low per capital income.

(ii) The standard of living of the people is low.

(iii) For example, Nepal, Pakistan, etc.

Answer 2

Answer:

Developed Economies:

In such an economy there is a lower rate of poverty incidence, service and industrial sectors are thriving. There are a sufficient amount of resources and technological advancement supporting a high rate of production. Most importantly, there is a minor gap between the poor and the rich.

Undeveloped Economies:

There is a significant amount of poverty and the primary sector like agriculture is in a leading position. The resources in this form of the economy are not judiciously utilised and there is a high rate of dependency on traditional approaches which results in a low rate of production. Most importantly, there is a significant amount of difference between the rich and the poor. In such an economy, the state or the country fails to meet the necessary standard of living to the major section of a population. This leads to materialistic deprivation, misery, hunger, deterioration of health and overall living standard.

Explanation:

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