Developed countries are those countries who have high per capita income, longer life expectancy rate, a higher standard of living and other facts which points towards a person’s higher quality of life. Developed countries are said to be economically advanced as compared to other countries and also known by other names like First World Countries, Advanced Economies, Industrializes Nations etc. These countries have good infrastructure and a stable economy. The industrialization, development and most of their citizen have a high standard of living is found in these countries.
These developed countries have some things in common. For instance, they all are industrialized. It means that these nations are technologically advance and their economy is manufacturing-based. They have a free-market economy. Their market works on the law of demand and supply, i.e, the prices of goods and services are determined on the basis of customers needs and the availability of those goods and service in the market.
Components like Democratic Political Institutions and lower level of corruption is considered as an essential part of a developed country.
Examples of Developed Countries
Here are some of the examples of developing countries.
- United States
- The Netherlands
- Hong Kong, China
Characteristics of Developed Countries
1. High Per Capita Income
Each year developed countries have High Per Capita Income. This means people are earning enough income so that they can spend as well as invest or save. This boosts a country’s economic value. Thus, it results in a lower level of poverty.
2. Good Health Care
Developed countries ensure good health facilities to their citizen. They guarantee reliable and trained medical staff and hospital availability. This results in a low mortality rate and high life expectancy rate of the population. Also, in developed countries, the development of the population can be controlled in a wise manner.
3. High Security
As compared to developing countries, developed countries provide better security. Because developed countries have sophisticated and advanced technology, there is a need to develop better weapon technology and security facilities in the country.
4. Low Rate Of Unemployment
In Developed countries, all their citizens have an income source. Thus, there is a relatively lower rate of unemployment in these countries.
5. More Exports, Less Imports
Because of superior technology and human resource, developing countries perform a higher level of exports than imports.
6. Advanced Technology and Science
The citizens of developed countries are well aware and have mastered the technology and science area. So new useful gadgets are introduced in their market like Industrial Pendant Lights. Therefore, in their daily lives, they mostly use modern tools and advanced technology to facilitate their lives.