Final answer:
Developing economies typically have lower income, less developed infrastructure, and are agriculture-dependent, while developed economies have higher income, advanced infrastructure, and diverse industries.
Step-by-step explanation:
Developed economies are often characterized by high levels of income per capita, advanced technological infrastructure, and a diverse industrial and service sector. In developed countries, conditions such as high life expectancy, low infant mortality rates, and high levels of literacy are common. For example, countries like the United States and Germany exhibit these characteristics. On the other hand, developing economies typically have lower income levels, less developed infrastructure, and a higher dependence on agriculture and primary industries. Conditions often found in these countries include higher rates of poverty, lower life expectancy, and lower levels of educational attainment. Countries such as Nigeria and Bangladesh can serve as examples of developing economies.
Contemporary economic development tends to widen the gap between rich and poor, both within and between nations. The transition from a traditional or command economy to a market economy is seen as a necessary step for economic development, but there are no definitive examples of development successes from strictly command socialist systems.