Short notes on Developed and Developing Countries

On the basis of the level of economic development countries of the world are divided into (a) developed and (b) developing countries:

Developed Countries

(i) The countries which have utilized their resources to the maximum.

(ii) Large number of people are involved in the secondary and tertiary sector.

(iii) They use more of mechanical power.

(iv) They contribute more to the national income.

(v) The economy of the country shows high growth.

(vi) The per capita income of the people is high; hence the standard of living of the people is high.

(vii) They have a favorable balance of trade, e.g., USA, Canada

Developing Countries

(ii) These countries have not fully utilized their resources.

(ii) Large number of people are engaged in the primary sector,

(iii) There is greater use of man or animal power.

(iv) They contribute less to the national income.

(v) The economy of the country shows low growth.

(vi) The per capita income of the people is low hence the standard of living of the people is low.

(vii) They have an unfavorable balance of trade, e.g., India, Pakistan.