Compare and contrast the characteristics of economically developing and developed nations.
What will be an ideal response?
Answers may vary, but might including the following: Classification of economic development distinguishes between developed and developing economies, with low- and middle-income economies referred to as developing economies. There is no universally agreed-upon criterion to distinguish between developed and developing economies. Indeed, the United Nations Statistics Division states that, "The designations ‘developed' and ‘developing' are intended for statistical convenience and do not necessarily express a judgement about the stage reached by a particular country or area in the development process." However, developed economies are frequently characterized as those industrialized, or postindustrial, service-based nations that are economically advanced, with established infrastructures-roads, bridges, utilities, power supplies, communications, and other structural elements needed for the smooth operation of a society-and that have achieved high incomes per capita that support a high living standard, including material goods, access to health care, education, and other necessities. Countries the U.S. Central Intelligence Agency and other organizations consider economically developed include the western European nations, Israel, Japan, Australia, New Zealand, Singapore, Taiwan, South Korea, Canada, and the United States. Most share the characteristics shown in the left-hand column of Table 7.1. In contrast, the term developing economy identifies the world's lower-income nations, which are less technically developed. There is a much greater level of diversity among the many developing nations than among developed nations, yet most share the characteristics in the right-hand column of Table 7.1.
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