How are countries classified based on income?

What will be an ideal response?

Countries can be classified into two main income groups: industrial advanced countries (IACs) and developing countries (DVCs). IACs are characterized by well-developed market economies based on large stocks of capital goods, advanced technology for production, and well-educated workers. The high-income nations include the United States, Japan, Canada, Australia, New Zealand, and most of the nations of western Europe. They had an average per capital income of $38,745 in 2010. DVCs are poor, not highly industrialized, are heavily dependent on agriculture, have high population growth, and have low rates of literacy. The upper-middle-income countries had an average income per capital of $5,844 and lower-middle-income countries had an average income per capital of $1,619 in 2010. There are also low-income countries with an average income per capita of $528. This group is dominated by most of the sub-Saharan nations of Africa.