Population and economic development patterns Definitions Flashcards
High-income countries(HICs)
countries which have a (GNI) per capita annual income over $12,735
Middle-income countries(MICs)
countries which have a (GNI) per capita annual income between $1,026-$12,475
Lower middle-income countries
middle-income countries with a GNI per capita of $1,026-$4,035
Upper middle-income countries
middle-income countries with a GNI per capita of $4,036-$12,475
Low-income countries(LICs)
countries which have a (GNI) per capita annual income of less than $1,025
Gross Domestic Product(GDP)
the total monetary value of all the goods and services produced by a country’s resident economy during a specified period of time(typically a year)
Gross National Income(GNI)
the total monetary value of all goods and services produced by a country’s people and businesses, whether domestic or foreign, within a specified period of time(typically a year)
GNI per capita
a country’s GNI divided by its mid-year population
GDP per capita
a country’s GDP divided by its mid-year population
Real GDP
the nominal GDP, adjusted for inflation
Real GNI
the nominal GNI, adjusted for inflation
The First World
a term used to describe industrialized democratic capitalist countries(e.g. those in Western Europe and North America, as well as Japan, Australia and New Zealand)
The Second World
a term used to describe state-controlled communist countries(e.g. the fomer Soviet Union)T
The Third World
a term used to describe the less developed countries(usually those in some parts of Latin America, Africa and Asia)
Newly Industrialized Countries(NICs)
countries with developing economies that have advanced towards industrialization(e.g. South Korea and Taiwan)
