What are LDCs? (give examples)
Least developed countries
Sudan, Ethiopia, Angola, Afghanistan
What are NICs (give examples)
New Industrialised countries: exports/average earnings risen at unprecedented rates.
China, India, Mexico, Indonesia, South Korea
What are Ex Soviet States? (give examples)
15 ex’s from Soviet Union breakup in 1989, most score middle - low income
Russia, Ukraine, Estonia, Uzbekistan
What are OPEC? (give examples)
Organisation of Petroleum Exporting Countries: well above average wealth due to petrodollars but wealth unevenly distributed
Safeguards interests of oil exporting countries and influence global oil price
Nigeria, Iran, Libya, Venezuela
What is the OECD? (give examples)
Organisation for Economic Cooperation & Development: good standard of living, distribute their high levels of wealth evenly, high income nations
Monitor economic performance and work to reduce corruption and bribery
Sweden, Spain, Australia, South Korea, UK, France, USA, Germany, Italy, Japan, Canada
Who are the G8? (give examples)
most powerful of OECD, leaders from each have an annual meeting to try and tackle global problems
USA, Canada, UK, Germany, France, Italy, Japan, Russia
What are RICs? (give examples)
Recently industrialised countries: lower to middle income, high primary employment
Thailand, Indonesia, Tunisia
What are LEDCs?
Less economically developed countries
What are MEDCs?
UK, USA, Australia, Greece, Singapore
What is the role of the EU?
27 European countries with internal free trade and migration. Also give farm subsidies to agricultural producers
Money derived from selling oil. Since the formation of OPEC, states such as Saudi Arabia, The United Arab Emirates, and Venezuela have experiences significant increases in levels of national wealth.
What is the triad?
3 high economic power cores where 80% of all global economic wealth is concentrated - North America, Europe & Asia
How Is economic development classified?
What is GNI?
Gross National Income: A measure of the financial value of the goods and services produced within a territory (including Foreign firms located there). It is often divided by population size to produce a per capita figure for the purpose of making comparisons.
What is HDI?
A United Nations measure of economic and social development that takes into account income per capita, life expectancy and adult literacy.