Question

two characteristics of leader countries and 1 example.

Answer 1

Across the globe, countries are primarily divided into three major categories. These are developed, developing and the underdeveloped countries.

This is on the basis of parameters such as income inequality which is the difference between the incomes of the rich and the poor, the overall rate of output, education and health care levels, poverty etc.

Accordingly, the nature and characteristics of an economy which is a leader is explained in detailed as follows: -

1) High Gross Domestic Product: -

Any leader country invests significant amount of capital into manufacturing goods or services. This allows it to sell the same locally as well as globally and earn higher volumes of money for itself.

This money, then collected is used to further expand business, increase demand and for social and public welfare. We can rightly say that any economy which in today's complex times, wants to become a world leader has to significantly start investing in manufacturing capabilities to be able to earn well for itself.

For example, world leaders such as the United Kingdom and the United States are seen as the pioneers of modern-day manufacturing. They provide goods and services to the entire global world and their technological development is such that it is hard to compare with any other economy across the globe. This results them in being the world leader.

2) High Standards of Living and Investment in Public Welfare: -

The government of these countries is cash rich. This means that their revenues to a certain extent are extremely high and it gives them the added advantage of being able to provide great support to its residents.

Through the generation of this added revenue, the country is able to provide better services to its public such as health care, education, nutrition etc.

For example, United States over a period of time has accumulated significant wealth which, it has been able to spend on social security and a series of measures such as public health care administration, nutrition and increasing the availability of jobs so that people can live a better-quality life.

Please feel free to ask your doubts in the comments section if any.