Question

What is the difference between a developing country and an industrial market economy?

Answer 1

A developing country is in a lower stage of economic development. Therefore, a developing country is less industrialized and a very high portion of its workforce is still employed in the primary sectors like agriculture. Therefore, a developing country produces less industrial goods and it has less infrastructure to support industries. Such countries tend to have a lower income and lower standard of living.

An industrial market economy is dependent more on the secondary sector like manufacturing rather than agriculture. The majority of the workforce in an industrial market economy is employed in the industrial sector. These countries are in a more progressive stage of economic development. Such countries tend to have a higher income and higher standard of living.