A developed country, industrialized country, more developed country, or more economically developed country (MEDC), is a sovereign state that has a developed economy and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.[1] Which criteria are to be used and which countries can be classified as being developed are subjects of debate.
While developing country (or a low and middle income country (LMIC), less developed country, less economically developed country (LEDC), or underdeveloped country) is a country with a less developed industrial base and a low Human Development Index (HDI) relative to other countries.[2] However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category.[3] A nation's GDP per capita compared with other nations can also be a reference point.
developed countries: The main livelihoods of people in developed countries are industrial and service sectors. Examples of industrial fields are the automobile industry, electronics, heavy equipment, aircraft, and finished food. Examples of services are financial services, education, entertainment, and consultants.
developing countries: Economy Relying on Primary Sector
The economy in developing countries still relies on primary sectors such as agriculture, forestry, mining and fisheries. This sector still relies on natural wealth. Activities in the manufacturing and service industries are still lacking. This is because the production technology that is controlled is still low and only relies on traditional ways to process existing resources.