Cedar Valley Realtor

Market sector value

According to The Economist, "developed economies'" assets at the end of 2002 were the following: Residential property: $48 trillion; Commercial property: $14 trillion;

Equities: $20 trillion; Government bonds: $20 trillion; Corporate bonds: $13 trillion; Total: $115 trillion. That makes real estate assets 54% and financial assets 46% of total stocks, bonds, and real estate assets. Assets not counted here are bank deposits, insurance "reserve" assets, natural resources, and human assets. It is not clear if all debt and equity investments are counted in the categories equities and bond. A developed country or "more developed country" (MDC), is a sovereign state that has a highly developed economy and advanced technological infrastructure relative to other less developed nations. Most commonly the criteria for evaluating the degree of economic development is gross domestic product (GDP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.[1] Which criteria are to be used and which countries can be classified as being developed are subjects of debate. Developed countries have post-industrial economies, meaning the service sector provides more wealth than the industrial sector. They are contrasted with developing countries, which are in the process of industrialization, or undeveloped countries, which are pre-industrial and almost entirely agrarian. According to the International Monetary Fund, advanced economies comprise 65.8% of global nominal GDP and 52.1% of global GDP (PPP) in 2010.[2] In 2011, the ten largest advanced economies by either nominal GDP or GDP (PPP) are the United States, Japan, Germany, France, the United Kingdom, Italy, Canada, Spain, Republic of Korea, and Australia. Terms similar to "developed country" include "advanced country", "industrialized country", "'more developed country" (MDC), "more economically developed country" (MEDC), "Global North country", "first world country", and "post-industrial country". The term industrialized country may be somewhat ambiguous, as industrialization is an ongoing process that is hard to define. The term MEDC is one used by modern geographers to specifically describe the status of the countries referred to: more economically developed. The first industrialized country was the United Kingdom, followed by elgium. Later it spread further to Germany, United States, France and other Western European countries. According to some economists such as Jeffrey Sachs, however, the current divide between the developed and developing world is largely a phenomenon of the 20th century.[5] [edit]Definition and criteria Economic criteria have tended to dominate discussions. One such criterion is income per capita; countries with high gross domestic product (GDP) per capita would thus be described as developed countries. Another economic criterion is industrialization; countries in which the tertiary and quaternary sectors of industry dominate would thus be described as developed. More recently another measure, the Human Development Index (HDI), which combines an economic measure, national income, with other measures, indices for life expectancy and education has become prominent. This criterion would define developed countries as those with a very high (HDI) rating. However, many anomalies exist when determining "developed" status by whichever measure is used.[examples needed] Kofi Annan, former Secretary General of the United Nations, defined a developed country as follows: "A developed country is one that allows all its citizens to enjoy a free and healthy life in a safe environment."[6] But according to the United Nations Statistics Division, There is no established convention for the designation of "developed" and "developing" countries or areas in the United Nations system.[7] And it notes that The designations "developed" and "developing" are intended for statistical convenience and do not necessarily express a judgement about the stage reached by a particular country or area in the development process.[8] The UN also notes "In common practice, Japan in Asia, Canada and the United States in northern America, Australia and New Zealand in Oceania, and Europe are considered "developed" regions or areas. In international trade statistics, the Southern African Customs Union is also treated as a developed region and Israel as a developed country; countries emerging from the former Yugoslavia are treated as developing countries; and countries of Central Europe and of the Commonwealth of Independent States (Russian Federation, Ukraine, Belarus, and Central Asia; code 172) in Europe are not included under either developed or developing regions.