I hate the term "Third world"

 I absolutely hate reading articles and coming across the word third world. I always use to wonder what the heck that even was. Was it that the self named "First world countries" were just way too good and decided the they should be in a whole different world of their own or something.
So one day I decided to look up the term third world countries. I was directed to the explanations of the terms  first, second and third.

 Wiki states "The term Third World arose during the Cold War to define countries that remained non-aligned with either capitalism and NATO (which along with its allies represented the First World), or communism and the Soviet Union (which along with its allies represented the Second World)". 

Which is not entirely accurate because both NATO and Communist countries were courting most African countries, during the cold war, therefore some involvement of theses countries. So that argument on its on is quite faulty!
Its funny as long ago as that was  the only labeling that seemed to stick was third world country, which has become synonymous with underdeveloped, developing, less developed countries etc. Given most of the world largest oil production are form "Underdeveloped countries" shouldn,t there be more respect. A little respect is all we ask. Stop with the name calling!