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Summarize this article for a 10 year old
BRIC is a grouping acronym referring to the developing countries of Brazil, Russia, India, and China, which are identified as rising economic powers. It is typically rendered as "the BRIC", "the BRIC countries", "the BRIC economies", or alternatively as the "Big Four". The term was coined by economist Jim O'Neill in 2001 as an acronym for the four countries he identified as being at a similar stage of newly advanced economic development.
The acronym was previously used to refer to the economic organization that would later become BRICS when South Africa joined the bloc. In 2009, the leaders of the four countries held their first summit and in 2010 BRIC became a formal institution. South Africa began efforts to join the BRIC grouping and received an invitation on December 24, 2010. The original aim of BRIC was the establishment of a multi-polar world order, but later BRICS became a political organization, especially after South Africa joined. O'Neill commented on the 2010 summit that South Africa, at a population of under 50 million people, was just too small as an economy to join the BRICS ranks.
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