Economic Differences between First and Third World CountriesNameUniversityCourseTutorDateEconomy is a word that refers to the ly arrangement and management of internal dealings of a nation as well as any insane asylum that is kept up by production together with outlay . It is not only measured by the amount produced by a orbit , but also by what it produces . It is forthwith related to wealth or financial considerations . On the said(prenominal) note , advanced-income economies or first world countries are the richest countries in the world . These are countries where most of the people ready high living standards and the Gross National Income per capita was 9 ,266 or much in the 1999 . On contrary , a low-income economy country is a country whose Gross National Income is 825 or slight (The World Bank Group , 2004 . These are the most brusk countries of the world . This examines the economic differences between high- income and low- income economies as well as reasons for these differences .
It also outlines the possibility of nearby improvement in economies of these countriesThird world countries are marked by a number of identical traits . First they study highly distorted and reliant economies pull to producing primary commodities for the first world countries . Additionally , they provide markets for unblemished products from these first world countries Moreover , third world countries have widespread beggary but despite the rural poverty and urban shantytowns , the elites are wealthy (Tmh , 2007 Further , they either have no or little industrial...If you want to get a full essay, order it on our website:
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