Income from the forest

Classified in Geography

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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 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.


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*





-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.

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