Question

Define developed economy. Give its main features.

Answer 1

Developed Economies are the countries that enjoy certain high standards. Such countries generally have a good infrastructure, stable economy with very high per capita income. The degree of development, industrialization and general standard of living for its citizens is very high.

Some of its main features are-

• High per capita income.
• Low incidence of poverty.
• High standard of living.
• Narrow income inequalities.
• Low growth rate of population.
• Low level of unemployment.
• Infrastructural capabilities are present.