General Key Terms

Question 1

Low Income Country (LIC)

Answer 1

Based on the World Bank income classifications (GNI per capita) which in 2013 were low income $1,045 or below

Question 2

High Income Country (HIC)

Answer 2

Based on the World Bank income classifications (GNI per capita) which in 2013 were high income $12,746 or above

Question 3

Newly Emerging Economies (NEEs)

Answer 3

Countries that have begun to experience high rates of economic development, usually with rapid industrialisation. They differ to LICs in that they no longer rely primarily on agriculture, have made gains in infrastructure and industrial growth, and are experiencing increasing incomes and high levels of investment

Question 4

BRICS

Answer 4

Brazil, Russia, India, China and South Africa

Question 5

MINT

Answer 5

Mexico, Indonesia, Nigeria and Turkey