Fresh revision notes for IGCSE- GCSE Economics development economics section on dineshbakshi.com.
What is a developed economy?
Countries with economies in which the tertiary and quaternary sectors of industry dominate are known as developed economies. This level of economic development is usually determined on the following factors:
High income per capita
"High income economies" are defined by the World Bank as countries with a Gross National Income per capita of $11,456 or more. According to the United Nations definition some high income countries may also be developing countries. Thus, a high income country may be classified as either developed or developing.
