1. DEVELOPED ECONOMY ↓ “ADVANCED ECONOMY” ↓ “INDUSTRIALISED ECONOMY” ↓ “GLOBAL NORTH ECONOMY” ↓ “MORE ECONOMICALLY DEVELOPED ECONOMY”

2. DEFINITION: Developed Economy is a state that has a highly developed economy and advanced technological infrastructure relative to other less industrialized nations. Essential components of a developed economy: High GDP High GNP High Per Capita Income High Level of Industrialization Better Infrastructure Better General Standard of Living

3. CHARACTERISTICS OF DEVELOPED ECONOMY DOMINANCE OF INDUSTRIAL SECTOR LARGE SCALE PRODUCTION DIVISION OF LABOUR SUPERMACY OF CAPITAL PROFIT MAXIMIZATION MOTIVE DEPENDENCE ON OTHER COUNTRIES

4. 5 MOST DEVELOPED COUNTRIES IN THE WORLD NORWAY ( A MIXED ECONOMY ): HDI- 0.944, GDP- $277.1billion, Per Capita Income- $55,099, Life Expectancy – 80.57 years. AUSTRALIA ( A CAPITALIST ECONOMY ): HDI – 0.933, GDP - $ 970.8 billion, Per Capita Income - $ 42,640, Life Expectancy – 82.07 years.

5. SWITZERLAND: HDI – 0.917, GDP - $ 363.4 billion, Per Capita Income - $ 45,418, Life Expectancy – 81.38 years. NETHERLANDS: HDI – 0.915, GDP - $ 707.0 billion Per Capita Income - $ 42.194, Life Expectancy – 81.12 years. USA: HDI – 0.914, GDP- $ 15.7 trillion Per Capita Income - $ 49.922, Life Expectancy – 78.75 years.

6. CONCLUSION Thus, an economy is said to be developed when it possesses certain characteristics which describes its economic development process under the criteria of high GDP, high GNP, high Per Capita Income, high Life Expectancy, better Infrastructure and better Standard of Living, etc. These criteria enables a development path for an economy to flourish like a Developed Economy.