Question

Write a short note on developed countries brainly.in

Answer 1

A developed country, industrialized country, more developed country, or "more economically developed country" (MEDC), is a sovereign state that has a highly developed economy and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are gross domestic product(GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.[1] Which criteria are to be used and which countries can be classified as being developed are subjects of debate.

Developed countries have post-industrialeconomies, meaning the service sectorprovides more wealth than the industrial sector. They are contrasted with developing countries, which are in the process of industrialization or pre-industrial and almost entirely agrarian, some of which might fall into the category of least developed countries. As of 2015, advanced economies comprise 60.8% of global GDP based on nominal valuesand 42.9% of global GDP based on purchasing-power parity (PPP) according to the International Monetary Fund.[2] In 2015, the ten largest advanced economies by GDP in both nominal and PPP terms were Australia, Canada, France, Germany, Italy, Japan, South Korea, Spain, the United Kingdom, and the United States.[3]