Developing nations are those with low, lower middle or upper middle incomes. Common characteristics of developing countries are low levels of living characterized by low income, inequality, poor health and inadequate education.
Subsequently, one may also ask, what does it mean for an economy to be developed?
Definition: Developed Economy. Developed Economies are the countries that enjoy certain high standards. Such countries generally have a good infrastructure, stable economy with very high per capita income. The degree of development, industrialization and general standard of living for its citizens is very high.
What makes a developing country?
Developing Nations. The second economic category is developing nations, which is a broad term that includes countries that are less industrialized and have lower per capita income levels. Developing nations can be divided further into moderately developed or less developed countries.
What is development in terms of economics?
Related Terms. Progress in an economy, or the qualitative measure of this. Economic development usually refers to the adoption of new technologies, transition from agriculture-based to industry-based economy, and general improvement in living standards.