Final answer:
Developed economies are industrialized with higher wealth and better living conditions, while non-developed economies face challenges such as limited resources and undeveloped labor markets, impacting their quality of life negatively.
Step-by-step explanation:
Developed and non-developed economies differ mainly in terms of industrialization, wealth, and quality of life. Developed economies are industrialized and have higher wealth, resulting in better healthcare, education, and technology which contribute to a better quality of life for its citizens. Examples include countries like Canada, Japan, and Australia. On the other hand, non-developed, or developing economies, often face challenges such as high population growth, high mortality rates, limited healthcare, educational opportunities, and a lack of necessary natural resources for trade or industrial development.
Furthermore, in non-developed economies, the labor markets are often undeveloped, with a large segment of the population engaged in subsistence farming, fishing, or hunting, and in some cases, may be restricted by cultural or religious practices that limit economic participation and development.
To support economic development, entities like the World Bank recommend that industrialized nations aid developing countries by addressing these challenges, to help them integrate more successfully into the global economy, which crosses national borders.