Some Other Key Terms

Newly Industrialized Country

Newly Industrialized Country (NIC) is a term used by political scientists and economists to describe a country whose level of economic development ranks it somewhere between the developing and first-world classifications.

Remember This: These countries have moved away from an agriculture-based economy and into a more industrialized, urban economy. They are also known as “newly industrializing economies” or “advanced developing countries.”

Informal Sector

Informal Economyor grey economy is the part of an economy that is neither taxed, nor monitored by any form of government.

Unlike the formal economy, activities of the informal economy are not included in the gross ....