Why one country is rich and the other is poor?

Differences in the economic growth rate of nations often come down to differences in inputs (factors of production) and differences in TFP—the productivity of labor and capital resources. Higher productivity promotes faster economic growth, and faster growth allows a nation to escape poverty.

How do rich countries exploit the poor?

It is true that wealthy nations make more efficient use of resources within their own territories, but they also increasingly exploit the resources of the rest of the world in the form of raw materials used to make the products they import. The calculation has also included imported goods, after deducting exports.

What are richer countries called?

A developed country (or industrialized country, high-income country, more economically developed country (MEDC), advanced country) is a sovereign state that has a high quality of life, developed economy and advanced technological infrastructure relative to other less industrialized nations.

How would you describe a poor country?

the technologically less advanced, or developing, nations of Asia, Africa, and Latin America, generally characterized as poor, having economies distorted by their dependence on the export of primary products to the developed countries in return for finished products.

What do you call those poor countries?

Today the preferred terminology is a developing nation, an underdeveloped country, or a low- and middle-income country (LMIC).

What are the characteristics of rich and poor countries?

2. Rich countries have bigger employment opportunities and mostly have citizens with a positive outlook in life. 3. Rich countries have an aging population that usually dies of chronic diseases whereas poor countries have a younger population base that die of preventable or much simpler illnesses.

What is the richest and poorest country in the world?

GDP per capita adjusted for relative purchasing power gives us an idea, albeit an imperfect one. Luxembourg on the left is the world’s richest country and Burundi on the right is the poorest. Would you rather be rich in a poor country or poor in a rich one?

Why do people live in poor countries?

Every human being is given same right to live and equal. The people live in poor countries usually suffering from extremely difficult conditions, such as disease, turbulence, poverty, unemployment, lack of food and education, inefficiency and corrupt government. Haven’t found the relevant content?

Should rich countries’ aid be given to poor countries?

Also, the rich countries’ aid can developing infrastructure and basic education to those poor countries, such as roads and pipelines efficiently, high school and university. “The public health successes can be seen on many fronts.