If you are referring to economic development and economic underdevelopment, the differences are significant.
Commonly seen in the western world and in countries with a high GDP, economic development refers to the ongoing endeavors of politicians, charities and the public to improve quality of life. This is achieved through boosting literacy rates, life expectancies, employment rates and average GDP levels per capita. When aspects such as these improve, scarce resources within a country are being used to their potential, encouraging jobs, consumer confidence, low inflation, high interest rates and other economic advantages.
Economic development is hard to sustain. An example of this can be demand-pull inflation. This is where an economy is already working to its maximum potential. As there isn't any more capacity for goods and services to be produced. Indeed, there can also be major setbacks to economic progress, as seen with the sub-prime mortgage crisis in 2008.
This is an issue in third-world countries where the infrastructure of a nation does not allow for citizens to have access to basic facilities, such as a regular supply of food and clean water. There may be inadequate housing, poor healthcare and education facilities, and no welfare system to assist people who need guidance the most.
Usually, more developed countries are then relied on to provide financial support and aid in times of famine. Charities will also aim to prevent the spread of fatal diseases such as cholera or HIV/AIDS.
This can be a very difficult question to answer. In the opinion of some economists, the sign of a strong country is a budget surplus. This is where less money is spent per year than is earned through tax. However, currently, the US has a severe budget deficit, to the extent that urgent action was needed in Congress to raise the country's debt ceiling - or the money that can be borrowed to pay the nation's bills. The controversy surrounding this new law recently resulted in the country's credit rating being downgraded, and this will increase the interest on monies borrowed in years to come.
- Economic development
Commonly seen in the western world and in countries with a high GDP, economic development refers to the ongoing endeavors of politicians, charities and the public to improve quality of life. This is achieved through boosting literacy rates, life expectancies, employment rates and average GDP levels per capita. When aspects such as these improve, scarce resources within a country are being used to their potential, encouraging jobs, consumer confidence, low inflation, high interest rates and other economic advantages.
Economic development is hard to sustain. An example of this can be demand-pull inflation. This is where an economy is already working to its maximum potential. As there isn't any more capacity for goods and services to be produced. Indeed, there can also be major setbacks to economic progress, as seen with the sub-prime mortgage crisis in 2008.
- Economic underdevelopment
This is an issue in third-world countries where the infrastructure of a nation does not allow for citizens to have access to basic facilities, such as a regular supply of food and clean water. There may be inadequate housing, poor healthcare and education facilities, and no welfare system to assist people who need guidance the most.
Usually, more developed countries are then relied on to provide financial support and aid in times of famine. Charities will also aim to prevent the spread of fatal diseases such as cholera or HIV/AIDS.
- Is the US developed or underdeveloped?
This can be a very difficult question to answer. In the opinion of some economists, the sign of a strong country is a budget surplus. This is where less money is spent per year than is earned through tax. However, currently, the US has a severe budget deficit, to the extent that urgent action was needed in Congress to raise the country's debt ceiling - or the money that can be borrowed to pay the nation's bills. The controversy surrounding this new law recently resulted in the country's credit rating being downgraded, and this will increase the interest on monies borrowed in years to come.
