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Complete the following paragraphs using the statistics provided
Development Indicators key terms & defs
Introduction to Development IndicatorsComplete the table below
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Countries are divided into two major categories by the United Nations, which are developed countries and developing countries. The classification of countries as a Developed and Developing country is based on economic status like GDP, GNP, per capita income, industrialization, standard of living, etc. Developed Countries is a country which provide free, healthy and secured atmosphere to live but the countries which lacks the same is known as Developing Countries. After a thorough research on the two we have compiled a the difference between Developed Countries and Developing countries considering various parameters.
Developed Countries are the countries which are developed in terms of economy and industrialization. The Developed countries are also known as Advanced countries or the first world countries, as they are self sufficient nations.
Human Development Index (HDI) statistics rank the countries on the basis of their development. The country which is having a high standard of living, high GDP, high child welfare, health care, good medical, transportation, communication and educational facilities, better housing and living conditions, industrial, infrastructural and technological advancement, higher per capita income, increase in life expectancy etc. are known as Developed Country. These countries generate more revenue from the service sector as compared to industrial sector as they are having a post-industrial economy.
The following are the names of some developed countries: Australia, Canada, France, Germany, Italy, Japan, Norway, Sweden, Switzerland, United States,
Definition of Newly Industrialized Countries ( Emergents)
A number of countries previously categorised as LDCs have developed their economies and have become important players in the global economy. These include Taiwan, South Korea, Singapore, Hong Kong, Mexico and Brazil. They have characteristics which separate them from other LDCs:
- large increases in growth rates
- rapid development of manufacturing industry
- rising exports
- rising standards of living.
Reasons for rapid development:
- High rate of capital investment financed by a high rate of consumer saving and from growing export sales.
- Much of the new investment has been in knowledge-based, high-value-added industries.
- Large investment in education and training has improved the quality of the labour force.
- Movement of labour from low-productivity industries, e.g. agriculture, into high-productivity industries.
Definition of Developing Countries
The countries who are going through the initial levels of industrial development along with low per capita income are known as Developing Countries. These countries come under the category of third world countries. They are also known as lower developed countries.
Developing Countries depend upon the Developed Countries, to support them in establishing industries across the country. The country has a low Human Development Index (HDI) i.e. the country does not enjoy healthy and safe environment to live, low Gross Domestic Product, high illiteracy rate, poor educational, transportation, communication and medical facilities, unsustainable government debt, unequal distribution of income, high death rate and birth rate, malnutrition both to mother and infant which case high infant mortality rate, poor living conditions, high level of unemployment and poverty.
|Basis for Comparison||Developed Countries||Developing Countries|
|Meaning||A country having an effective rate of industrialization and individual income is known as Developed Country.||Developing Country is a country which has a slow rate of industrialization and low per capita income.|
|Unemployment and Poverty||Low||High|
|Rates||Infant mortality rate, death rate and birth rate is low while the life expectancy rate is high.||High infant mortality rate, death rate and birth rate, along with low life expectancy rate.|
|Generates more revenue from||Service sector||Industrial sector|
|Growth||High industrial growth.||They rely on the developed countries for their growth.|
|Standard of living||High||Low|
|Distribution of Income||Equal||Unequal|
|Factors of Production||Effectively utilized||Ineffectively utilized|