More recent terminology:
MEDCs - More Economically Developed Countries
LEDCs - Less Economically Developed Countries
LDCs - Least Developed Countries
NICs - Newly Industrialised Countries
RICs - Recently Industrialised Countries
Centrally Planned Economies
Oil Rich Countries
Development Continuum Least -----> Most
Other forms of development
-Not everyone agrees with the western view of development which tends to be centred on money
-Sustainable development
-Participatory development - individuals and communities define and analyse their own problems, make their own decisions about direction and strategies for action and lead in those actions
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