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Definition: Developed Economy
Developed Economies are the countries that enjoy certain high standards. Such countries generally have a good infrastructure, stable economy with very high per capita income. The degree of development, industrialization and general standard of living for its citizens is very high.
In developed economies, the service sector generally generates more wealth than the core Industrial sector. The exports of a developed economy are very robust.
There are other non-economic factors as well that play a crucial role in making a country a developed one. The Human Development Index (HDI) is one of the most important parameters. HDI reflects the relative level of education that is prevalent, literacy rate and availability of Health Care services. Due to this, the life expectancy of the citizens of these developed countries is more. The birth rate and the death rate of such countries is less. The population burden on the infrastructure of such countries is less that helps in better chances of a good lifestyle.
Developed Countries generally have a stronger base of skilled workforce that earns decent wages which are generally higher than their counterparts in developing nations.
The most well known examples of developed economies are United States of America, Canada, France, Norway etc. These countries have a huge GDP.