| A | B |
|---|
| Development | The process of improving material conditions of people though diffusion of knowledge and technology |
| Gross domestic product (GDP) | The value of products produced in a country over the course of a year |
| Less developed country | Lower HDI, Primary and an emerging Secondary sector, low literacy rates, lower life expectency |
| Literacy rate | The percentage of a country's people that can read and write |
| More developed country | Higher HDI, Tertiary sector, high literacy rates, and long life expectancy |
| Primary sector | The extraction of raw materials, mining, fishing, and agricutlure. Found in LDC's |
| Productivity | The value of a product compared to the amount of labor needed to produce it. High in MDC's due the access to technology |
| Secondary sector | Where manufacturers process, transform, and assemble raw materials |
| Structual adjustment program | Economic policies that aid international trade; controlling inflation, raising taxes... |
| Tertiary sector | The exchange of sevices fo payment, found in MDC's |
| Value added | The value of a product minus the costs of raw materials and energy |
| Self-Sufficiency model | Promotes balanced growth, isolates business from foriegn competition, is inefficient |
| International Trade model | Countries identify economic assets, promotes efficiency |
| Rostow's Development model | Five stages counties go through while developing; traditional society to mass consumption |
| Human Development Index | Scores a counties level of develoment by using economic, social, and demographic factors |
