Global impact:
MEDC countries are known to have a stronger economy causing them to gain strong factors such as:
1) Higher rates of employment this means that the standard of living for people in MEDC countries is much more improved and developed in comparison to LEDC countries.
2) Reducing of government borrowing, this is due to the high increase of employments causing tax revenues the high increase of employment causes less benefits to be paid by the government i.e. such as jobseekers or housing benefit. Which therefore means the government does not need to borrow money if they are in a financial crisis.
3) MEDC countries have large businesses, which have expanded globally. Businesses such as Walmart and Newlook have increased their revenue through their e-commerce sites and advertising.
However in LEDC countries the economies are much weaker this means that there is a high decrease of employment causing peoples standard of living to be difficult and basic. The government find it hard to provide for people which means that they borrow money of different countries causing the former country to be in debt.
MEDC countries are known to have a stronger economy causing them to gain strong factors such as:
1) Higher rates of employment this means that the standard of living for people in MEDC countries is much more improved and developed in comparison to LEDC countries.
2) Reducing of government borrowing, this is due to the high increase of employments causing tax revenues the high increase of employment causes less benefits to be paid by the government i.e. such as jobseekers or housing benefit. Which therefore means the government does not need to borrow money if they are in a financial crisis.
3) MEDC countries have large businesses, which have expanded globally. Businesses such as Walmart and Newlook have increased their revenue through their e-commerce sites and advertising.
However in LEDC countries the economies are much weaker this means that there is a high decrease of employment causing peoples standard of living to be difficult and basic. The government find it hard to provide for people which means that they borrow money of different countries causing the former country to be in debt.