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Developing vs Developed

limited resources

Restricted amounts of inputs required by a business or economy such as motivated staff, finances, production facilities and raw materials

ability to achieve capital formation

involvement in making of more capital goods such as machines, tools, factories, transport equipment, materials, electricity, etc.

brain drain

the departure of educated or professional people from one country, economic sector, or field for another usually for better pay or living conditions

low gni

low infrastructure

poor physical systems of a business or nation

Educational achievement

the number of skilled workers in a country

GDP per capita

A high GDP per capita indicates more wealth

Gross Domestic Product (GDP)

The total value of goods and services produced by a country in a year.

Labor force characteristics

How much of the economy is devoted to primary or secondary economic activity. Primary interacts directly with natural resources (farming, mining); secondary processes natural resources (industry)

Urban/rural ratio

population that lives in the city versus population that lives in the countryside. (A higher urban population indicates more industry, and therefore more development)