Describe and compare the three basic levels of economic development

What will be an ideal response?

A country's level of economic development is a broad picture that looks past GDP to include an assessment of the country's standard of living and the steps the country is taking to improve its economic health. A least developed country (LDC) in most cases has an agricultural-based economy. People grow what they need and barter for the rest. These countries are attractive markets for staples and inexpensive items. Developing countries usually have a viable middle class that is growing. Developing countries are moving away from an emphasis on agriculture to an emphasis on industry, and standards of living, education, and the use of technology are on the rise. These countries are the future market for consumer goods. Developed countries have sophisticated marketing systems, strong private enterprises, and bountiful market potential for many goods and services. Such countries are economically advanced and offer a wide range of opportunities for international marketers.