Developed Economy

Developed Economy which is a characteristic of a developed nation which has a high standard of living, high economic growth and security with a high per capita income. A developed nation has the capacity to fulfil all the demand and supply of the nation without and difficulty. A developed nation never fails to provide the best of everything to everyone in the nation. Mainly three types of classification are there for economy – 

  1. Developed economy
  2. Developing economy
  3. Underdeveloped economy
  • Developed economies are those which has successfully developed themselves in providing every required amenities to their people and people are living a life with high standards. Biggest example of a developed economy is USA.
  • Developing economies are those which are on the way of development, there is something new and more innovative always going on for further advancement of the nation and its people. Example of such nation is INDIA.
  • Underdeveloped economies are those which are not developing or developing at a very slow rate. These economies are far behind in the overall economic growth and people here have a very low standard of living. Example of such nation is PAKISTAN

We are talking about the developed economies here. Developed economies have worked very hard in the past to achieve this status so that their people can enjoy living there and they have every life comfort they wish to have. Most common way of identifying a developed economy is by calculation of its Gross Domestic Product and by calculating the Human Development Index.

Let us see some of the Key features of a Developed Economy below to get a more clear image of what we are talking about.

  • Developed economies are those which have relatively higher level of economic growth and security for their people.
  • Countries which provides education to all the children with equal rights and opportunities.
  • Countries which have developed technological infrastructure.
  • Countries where people have access to the best of health benefits.
  • Literacy rate of developed countries are very high as compared to others.
  • Birth rate is high and the death rate is comparatively very low.
  • Equal opportunities to work for every individual as per their skills and knowledge.
  • More and more people are engaged in working and very few people are jobless.
  • Every people are having a high per capita income and living a high standard life.
  • All the people living there are above the poverty line and have access to all the beneficial products and services.
  • Countries having a stable population and which has worked to limit its population growth.

These are some of the key features of a developed nation or economy and that is the main reason why people are willing to shift to these nations because they have a better standard of living. If you talk about USA, you can see people from different nations and cultures living there peacefully and enjoying their lives. Generally these people are those who went there to find a better life and ended up living there because they find it more secure and safe for them and their family.

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