Simplify the following text for a Grade 9 native English-speaking person.
Original: In economics , BRIC is a grouping acronym that refers to the countries of Brazil , Russia , India and China , which are all deemed to be at a similar stage of newly advanced economic development .
Simplified: BRIC is used to talk about the countries of Brazil , Russia , India and China . Many economists think that all these countries are at a similar stage of economic development .