WORD TO GO BY + about

• DEFINE FIRST WORLD


  First-worldorld countries that are industrialized and developed.

  
  

  Extra: 'First World' is widely used as an umbrella term for the countries ofWestern Europe, as well as the United States of America, Canada, Japan, Australia, and New Zealand. The term's origin was political and dates from the Cold War period.
• Define Third World

  Third-world countries are those that are mostly developing, non-industrialized or semi-industrialized.
• What is NEOCOLONIALISM

  notes: From indirect colonialism in which a neocolony is dominated, economically, culturally, or politically bu a more powerful country.

  
  

  Neocolonialism is the practice of using economic, political, cultural, or other pressures to control or influence a country, typically a former colony, instead of direct military or political rule. It often involves powerful nations or multinational corporations exploiting resources, labor, and markets in less developed countries while maintaining a level of dependence that limits their true sovereignty.
• What is Austerity?

  It is the policy of cutting the budget for social services, so as to reduce a country's budbudgete deficit.

  example:

  
• Define Absolute Poverty

  It refers to income below the minimum level required for physical survival. (World Bank defined this level as a 1 US dollar per day, a level at which basic needs are barely met but survival is not actually threatened).

  
• Define Regionalism

  It is the process of closer economic integration of countries within a region (oftentimes, culturally and geographically linked coutnries).