Economically Developed Country

Definition

An economically developed country refers to a nation that has achieved a high level of economic prosperity, technological advancement, and industrialization. These countries typically have high standards of living, strong infrastructure, and well-developed industries.

Related terms

Industrialization: The process by which an economy transforms from primarily agricultural to manufacturing-based industries.

Gross Domestic Product (GDP): The total value of all goods and services produced within a country's borders in a specific time period.

Standard of Living: The level of wealth, comfort, material goods, and necessities available to individuals or groups in a particular society.