Question

Some economies are said to be developing while others are developed. Explain the difference between developing and developed economies and discuss whether the problems of a developing economy would be solved if it achieves developed status.          

Answer 1

Developed & Developing Nations
The economic inequality between countries categorizes them in to different groups. The country with more economic stability and per capita income are tables as developed countries and the ones who have less stability, less per capita income and wider economic inequalities re known as developing countries. The per capita income measure could help to know about the average income per person a country have. Thus it is able to analyze the economic stableness per person in the country.
Developed nations are the one who are more industrialized and having higher per capita income. To be considered as developed nation, a country should have a per capita income of $12,000. Most of the developed countries are having a per capita income of $38,000. Along with the high industrial rate, stable growth of population, efficient use of resources etc. are major characteristics of a developed nation. The consumption of per person natural resources is high in the developed nations when compared to that of developing nations.
The developing nation is a term that defines the countries which are less industrialized and also having a lower per capita income. This is the category where most of the nations lying under. The per capita income should be between $1,000 and $12,000. These countries are may be at starting point of industrialization. They are far behind in efficient consumption and utility of natural resources. Most of the developing nations face the problem of high growth in population, high economic inequalities etc. The efficiency of the developed nations makes it harder for the developing nations to compete with them in the foreign markets.
Even if a developing nation could attain the minimum necessary in the measure of per capita income, they have to fight for a stable growth in population, efficient allocation and consumption of natural resources etc. So it is not that easy for a developing country to attain the position of a developed nation.