Page "Developing country" Paragraph 23

In general, development entails a modern infrastructure ( both physical and institutional ), and a move away from low value added sectors such as agriculture and natural resource extraction.

Developed countries, in comparison, usually have economic systems based on continuous, self-sustaining economic growth in the tertiary sector of the economy and quaternary sector of the economy and high material standards of living.

However, there are notable exceptions, as some countries considered developed have a significant component of primary industries in their national economies, e. g., Norway, Canada, Australia.

The USA and Western Europe have a very important agricultural sector, and are major players in international agricultural markets.

Also, natural resource extraction can be a very profitable industry ( high value added ), e. g., oil extraction.