DEVELOPED, UNDEVELOPED AND DEVELOPING ECONOMIES || LIST, GDP, UNEMPLOYMENT
There are 195 countries in the world, some are developed countries, some are undeveloped , and some are underdeveloped or developing countries . The distinction between them is a different process but we can differentiate based on conditions like economic growth , GDP, employment rate , population, etc. Let's understand how we can say whether the country is developed. ADVANCE OR DEVELOPED ECONOMIES An advanced or developed economy is one, which carries on production with a large amount of machinery and advanced techniques. An advanced economy employs its human and other resources to the maximum extent possible. The productive efficiency of a developed economy is of a very high order, and the per capita income is also high. Consequently, people in these countries enjoy high standards of living. England, the U.S.A, France, west Germany, etc, are advanced economies. These economies are inhabited by over one-fourth of the entire population of the world. ADVANCED ECONOMY A...