Answer: Such a broad regionalization scheme is likely to be overly simplistic, yet it commonly used and it can be quite useful. Often different terms are used to describe each region.
Explanation: ( More Developed Countries (MDC) )
Developed Countries
Industrialized Countries
First World*
Haves
Rich Countries
The North
Industrially Advanced Countries (IACs)
( Less Developed Countries (LDC) )
Underdeveloped Countries
Agricultural Countries
Third World *
Have Nots
Poor Countries
The South
Less Industrialized Countries
( First World Countries and Third World Countries - Why? Well, what is the Second World? How can you have a first and a third without a second? The Second World used to be the command economy (communist) countries of the Soviet Union, Eastern Europe, China, North Korea, Cuba, Vietnam, and a few other countries. With the collapse of communism in most of these countries the "Second World" no longer exists.) i can just tell this much i dont know alot!