Unit one; economic classifications. Flashcards
What is classified as the first world?
the developed world. For example west Europe. north America, Australia, Japan and new Zealand.
what is classified as the second world?
contuses ruled by communist governments, for example the former soviet union.
what is classified as the third world?
developing country’s, all that are not listed in first or second.
what does MEDCs stand for, can you give examples and what MEDCs are usually referred to today as?
more economical developed countries, for example the uk and America. They have higher standards of living and today are usually referred to as HIC (high income counties)
What does NICs stand for, can you give an example and what the definition of one is?
newly industrialised counties, such as south kora and Taiwan. They are counties that have experience rapid industrial growth since 1960.
NICs are devoid into sections, one of these sections is called BRICs, could you tell me all the countries in BRICs?
Brazil, russia, India, china and South Africa.
NICs are decided into sections, one of these sections is called MINT, could you list the country’s in MINT?
Mexico, Indonesia, nigeria and turkey.
NICs are devided into subgroups, one of these are CIVETs, could you list the counties is CIVETs.
Columbia, Indonesia, Vietnam, Egypt, turkey and South Africa.
what is an example of a centrally planned economy?
North Korea.
what is a CPE?
a centrally planned economy, these are socialist countries living under strict government control. Living standards are usually better than LEDC however freedom of speech is limited. Former communist countries usually fit into this category.
can you give some examples of oil rich counties and some of their qualities?
soudy arabia and libia. These counties have a high GNP per head but the money is usually not well distributed. They would be LEDC is it was not for their oil.
what is a RIC and give an example?
recently industrialised counties. Chile.
what does LEDC stand for and can you give an example?
less economically developed counties, Namibia and Egypt.
what qualifies a county to become a LEDC and what is a term more commonly used today to describe them?
poor standards of living. LIC low income counties.
it is very difficult to classify a global economic group by development alone, what do we call these economic classifications and why?
a continuum, because they do not only refer to development but to human development and economic development. They also look at standards of living, stable population growth and levels of technology, employment health nutrition and literacy.
