U2: Development

• Development is working towards an acceptable standard of living for all people by improving economic and social conditions
• MEDC: More economically developed country
• LEDC: Less economically developed country
• NIC: Newly industrialized country
• HIC: High income country
• LIC: Low income country
• MIC: Middle income country
• EE: Emerging economy
• Means vs. Goals: Some factors (economic wealth, health, education, social factors, environmental factors) are only a mean for development and not a goal to strive towards (such as economic wealth), while others are goals that need to be achieved in order to reach full development (such as health and education)
• Being landlocked or coastal is a physical factor that affects a countries ability to trade products and therefore impacts their economic development. Example: Mongolia is landlocked while Japan is coastal