Developed country

A developed country (also known as an industrialised country or more economically developed country (MEDC)) is a country that has more businesses and infrastructures (roads, airports, electricity, etc) than a developing country. The numbers most used for measuring economic growth is gross domestic product (GDP) and per capita income (average money per person). Others include the amount of industry, how much infrastructure there is, literacy, life expectancy and the basic standard of living. There is no exact way of saying what country is developed or developing. People often discuss the question of whose countries are the most developed ones,^[1]

Developed countries have post-industrial economies, which means that the service sector becomes more important, and the industrial sector is less important. Service sector jobs are those where a person does something for another, like selling or fixing a product. Industry sector jobs are actually making a product, usually in a factory. In a developed country, industry jobs may be moved (outsourced) to less developed countries that pay workers less money. Developing countries may be in the process of industrialization (building the factories and infrastructure) and underdeveloped countries usually depend on agriculture, often subsistence farming.

The first industrialised country was the UK, followed by Belgium. Later industrialised countries were Germany, the US, France and other Western European countries. According to Jeffrey Sachs, the current split between the developed and developing world is mostly an event of the 20^th century. ^[2]

1. ↑ Developed Economy Definition. Investopedia (2010-04-16). Retrieved on 2013-07-12.
2. ↑ Sachs, Jeffrey (2005). The End of Poverty. New York, New York: The Penguin Press. ISBN 1-59420-045-9.