main economic groupings
All countries undergo development but they vary in where on the development line they are. They can be linked from primitive to advance development. They include the following:
LEDC - Less Economically Developed Country: is a nation with a low living standard, undeveloped industrial base, and low
Human Development Index (HDI). Countries include: Brazil, India, Kenya
RICs - Recently Industrialised Country: countries whose economies have not yet reached developed country status
but have, in a macroeconomic sense, outpaced their developing counterparts. Another characterization of RICsis that of nations undergoing rapid economic growth. Industrialised longer than NICs. Countries Include:
NICs - Newly Industrialised Country: countries whose economies have not yet reached developed country status but have, in a macroeconomic sense, outpaced their developing counterparts. Another characterization of NICs is that of nations undergoing rapid economic growth. Countries include:
MEDC - More Economically Developed Country: USA, UK, Japan
LEDC - Less Economically Developed Country: is a nation with a low living standard, undeveloped industrial base, and low
Human Development Index (HDI). Countries include: Brazil, India, Kenya
RICs - Recently Industrialised Country: countries whose economies have not yet reached developed country status
but have, in a macroeconomic sense, outpaced their developing counterparts. Another characterization of RICsis that of nations undergoing rapid economic growth. Industrialised longer than NICs. Countries Include:
NICs - Newly Industrialised Country: countries whose economies have not yet reached developed country status but have, in a macroeconomic sense, outpaced their developing counterparts. Another characterization of NICs is that of nations undergoing rapid economic growth. Countries include:
MEDC - More Economically Developed Country: USA, UK, Japan
Countries move along the pathway at varying speeds.
The two main groups are MEDCs (more economically developed countries) and LEDCs (less economically developed countries).
They can also be linked to an Electric Cable which is shown below. The core of the cable is made up from economic growth, technology and enterprise. The strands represent different aspects of the development process. It is important to understand that development is not only about economic progress.
The two main groups are MEDCs (more economically developed countries) and LEDCs (less economically developed countries).
They can also be linked to an Electric Cable which is shown below. The core of the cable is made up from economic growth, technology and enterprise. The strands represent different aspects of the development process. It is important to understand that development is not only about economic progress.