Classifying Countries Flashcards

All 4 cards in this deck

What does LIC stand for, and what does it mean?

Low Income Country - a country with a low level of economic development and low GNI per head.

What is an NEE?

A Newly Emerging Economy - a country whose economy is growing rapidly as it industrialises, moving from low to higher income.

Name the three groups used to classify countries by level of economic development.

LICs (low income countries), NEEs (newly emerging economies) and HICs (high income countries).

True or false? Quality of life and wealth always match, so GNI alone fully classifies a country's development.

False. Quality of life includes health, education, safety and environment, which wealth measures do not show.