Income from the forest
Classified in Geography
Written at on 
English with a size of 8.93 KB.
Developing Country
LDC → Is a nation with a low living standard, underdeveloped industrial base, and low Human Development Index (HDI) relative to other countries.
-Low Per Capita Income
-largest number of countries
Emerging Economy**
Are nations with social or business activity in the process of rapid growth and industrialization.
-The economies of China and India are considered to be the largest.
The seven largest emerging and developing economies by GDP are the BRIC countries (Brazil, Russia, India and China), as well as Mexico, Indonesia and Turkey
-Fast growing, relatively prosperous
BRICS**
BRICS is the acronym of the five major emerging economies: Brazil, Russia, India, China and South Africa. Was originally known as "BRIC" before the inclusion of South Africa in 2010.
-Are both the fastest growing and largest emerging markets economies.
MINT’s
México, Indonesia, Nigeria, Turkey.
International Trade
Free Trade
Occurs when governments do not attempt to restrict what citizens can buy from another country or what they can sell to another country. Modern international trading system is based on GATT and WTO.
Instruments of Trade Policy*
Tariffs
Specific
Ad-Valorem
Subsidies
-Help domestic producers compete against foreign imports and gain export markets.
-Domestic producers gain while consumers typically absorb the costs.
Import Quotas and Voluntary Export Restraints
Import quotas
Usually enforced by issuing import licenses to a group of individuals or firms
Tariff rate quotas
Hybrid of a quota and a tariff where a lower tariff is applied to imports within the quota than to those over the quota
Voluntary export restraint (VER)
Can appease protectionist measures in a country.