Question

In what respect are the developed nations better than the developing nations?

Answer 1

Hint: There are two types of countries: developed and emerging. Developed countries are described as those that are more industrialized and have higher per capita income levels. A developing country's per capita income is generally greater than $\$12,000$ with an estimate of $\$38,000$.

Complete answer:
The United Nations divides countries into two categories: developed countries and emerging countries. Countries are classified based on economic factors such as total wealth per individual (per capita income), national wealth (Gross Domestic Product/GDP), industrialization, birth rates, literacy rates, and dependence on foreign trade.

The term "developed countries" refers to a sovereign (independent) nation/state whose economy has advanced significantly and boasts superior technical infrastructure in comparison to other nations. Developing countries are described as having low levels of industrialization and a low human development index.

Developed countries exist in a mostly secure, educated, and healthy environment while developing countries often lack these elements. Some countries are rapidly developing, which means they are establishing businesses and capital to compete on a global scale.

Note: The gross domestic product (GDP) per capita, which accounts for all goods and services generated in a country in a given year, is a useful statistic for classifying countries as developed or emerging.
- Countries with developed economies, on average, have a GDP per capita of at least $\$12,000$ (USD), though some analysts say $\$25,000$ (USD) is a more practical calculation benchmark.
- One significant drawback of GDP is that commodity costs for the same items—say, a gallon of milk or a tank of gasoline—differ from country to country; to allow for such disparities, a version of GDP accounts for purchasing power parity, translating products valued at US prices.