_____ Is the Criterion Traditionally Used to Classify Countries as Developed

question 102

Short Answer

_____ is the criterion traditionally used to classify countries as developed or developing.

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Definitions:

Excess Over Minimum

The amount by which something exceeds a set minimum threshold or requirement.

Labor Market

A marketplace where employers find workers and workers find jobs; it involves the supply of labor by households and the demand for labor by businesses.

Great Divide

Often refers to significant differences or inequalities between groups, regions, or countries, especially in the context of socio-economic status.

Economic Rent

A payment to a factor of production in excess of the costs needed to bring that factor into production, often associated with unique assets.