If I remember correctly the 'definitions' for 1st, 2nd, 3rd world are:
1st world: Fully industrialized and technologically advanced, privatized industry, independent and stable currency
2nd world: Making the transition between state owned and privatization. Therefore most of the Eastern European countries are catagorized here. Also most of these countries have an independent currency, but it is 'pegged' to an outside currency (i.e. dollar or pound)
3rd world: Very little or no industry (i.e. agriculture based), a currency that is worthless or nonexistant (an outside currency is used or a barter system is used, a chicken for a bag of rice
)
These are 'rough' definitions but they should help
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Ever wonder if illiterate people get the full effect from alphabet soup?