| A | B |
|---|
| 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 (usually one year) |
| Less Developed Country | (LDC) AKA a developing country, 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 | AKA a relatively developed country or a developed country (MDC), a country that has progressed relatively far along a continuum of develpment |
| Primary Sector | The portion of the economy concerned with the direct extraction of materials from Earth's surface, generally through agriculture, although sometimes by mining, fishing and forestry |
| Productivity | The value of a particular product comparred 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 |
| Tertiary Sector | The portion of the economy concerned with transportation, communications, and utilities, 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 cost of raw materials and energy |
