The first world: developed (Western Europe, North America, Australia, New Zealand, and Japan)
The second world: state-controlled communist countries (former Soviet Union)
The third world: or developing world (all other less developed countries)
More economically developed countries (MEDC's): (USA or UK) → most developed countries, high living standards
Newly industrialising countries (NIC's): South Korea and Taiwan → rapid industrial, social and economic growth since 1960
BRIC's – Brazil, Russia, India, and China → joined in 2010 in South Africa
MINT – México, Indonesia, Nigeria, and turkey
CIVETS – Colombia, Indonesia, Vietnam, Egypt, Turkey, and south Africa
Next eleven (N11)- Bangladesh, Egypt Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, turkey, south Korea, and Vietnam → countries with high growing potential
Centrally planned economies (CPE's) – north Korea
Oil rich countries: Saudi Arabia and Libya
Recently industrializing countries: Chile
Less economically developed countries (LEDC's): Namibia and Egypt
Least developed countries (LDC): Afghanistan sub-Saharan countries