I got this list from Matt Rosenberg's website .
•Has space or territory which has internationally recognized boundaries (boundary disputes are OK).
•Has people who live there on an ongoing basis.
•Has economic activity and an organized economy. A country regulates foreign and domestic trade and issues money.
•Has Has the power of social engineering, such as education.
•Has a transportation system for moving goods and people.
•Has a government which provides public services and police power.
•Has sovereignty. No other State should have power over the country's territory.
•Has external recognition. A country has been "voted into the club" by other countries
For anybody interested in geography, his website is a great one.
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