The different types of economies, such as MEDCs or LEDCs, form a major topic in GCSE Geography. This quiz focusses on the emerging economies (or emerging markets) of countries like China or India.
You should have heard the terms less economically developed countries (LEDCs) and more economically developed countries (MEDCs) by now. But now there is a new term to grapple with - emerging economies. The terms 'less' and 'more' are seen as not allowing for economies that are moving from one to the other. Economies that are developed, but not as established as the economies of Western Europe, the United States and Japan. As a nation develops it moves through a series of stages, from LEDC to MEDC. Those nations that are moving through these stages are emerging economies, sometimes referred to as emerging markets.
As an MEDC, the UK often looks to these emerging economies as a market to export goods and services to. As standards of living increase, so does the demand for consumer goods that have been long established in economically advanced economies. This can include greater car use, more luxury goods like smartphones and personal computers, more demand for designer brands such as Burberry, and a massive increase in energy use due to the increase in electronic items.
India and China are considered the largest two emerging markets, and as their economies grow their need for goods and services grows too. With around one fifth of the world’s total population living in China and only slightly less living in India, the growing needs of these two nations will have a huge impact on the world's supplies - and also on the attempts to stop the increase in carbon dioxide output as their energy use increases. It is seen as the role of economically advanced nations, or MEDCs, to help reduce the impacts on the planet of these up and coming economies.