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11 Cards in this Set

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Development
A process of improvement in the material conditions of people through diffusion of knowledge and technology.
Gross domestic product (GDP)
The value of the total output of goods and services produced in a country in a given time period.
Less developed country(LDC)
Also known as a developing coutnry, a country that is at a relatively early stage in the process of economic development.
Literacy rate
The percentage of a country's people who can read and write.
More developed country(MDC)
Also known as a relatively developed country or a developed coutnry, a country that has progressed relatively far along a coninuum of development.
Primary sector
The portion of the economy concerned with the direct extraction of materials from Earth's suface, generally through agriculture, although sometimes by mining, fishing, and forestry.
Productivity
The value of a particular product compared to the amount of labor needed to make it.
Secondary Sector
The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials.
Structural adjustment program
Economic policies imposed on less developed countries by international agencies to create conditions encouraging international trade, such as raising taxes, reducing government spending, controllijng inflation, selling publicly owned utilities to private corporations, and charging citizens more for services.
Tertiary sector
The portion of the economy concerned with transportation, communications, and utilites, sometimes extended to the provision of all goods and services to people in exchange for payment.
Value added
The gross value of the product minus the costs of raw materials and energy.