What is Developing country?
[[Image:IMF advanced UN least developed.svg|thumb|350px|{{legend|#0000ff|Advanced economies}} {{legend|#ff9000|Emerging and developing economies (not least developed)}} {{legend|#ff0000|Emerging and developing economies ([[least developed country|least developed]])}}Classifications by the [[International Monetary Fund|IMF]] and the [[United Nations|UN]]]] [[File:Newly Industrialized Country.png|thumb|350px|[[Newly industrialized country|Newly industrialized countries]] as of 2007]] Different people have tried to classify [[country|countries]] into different groups. This is usually done either by looking at how rich people are, on average, in different countries. Most of the time there are two groups, namely '''developing countries''' and '''[[developed country|developed]]''' ones. Sometimes there are three groups, in which case the third group is between developing and developed countries, and is usually called '''emerging countries'''. These definitions are problematic, because a high '''standard of living''' does not just mean that people make a lot of money. The main problem is that things cost different amounts in different countries. Just because people earn more money in one country does not necessarily mean they are better-off; they might earn more simply because the [[cost of living]] is higher. This means they need to spend more money just to buy those things they need every day. For this reason, there are different definitions of developing countries. The level of [[economic development]] also changes a lot from one developing countries to another. There are developing countries that have a high standard of living.<ref>{{cite book |last=Sullivan |first=Arthur |author2=Steven M. Sheffrin |title=Economics |publisher=Savvas Learning Company |date=2022 |location=Paramus, New Jersey |pages=471 |url=https://www.savvas.com/index.cfm?locator=PS3jRm |isbn=0-13-063085-3 |access-date=2009-07-30 |archive-date=2016-12-20 |archive-url=https://web.archive.org/web/20161220014709/https://www.savvas.com/index.cfm?loc