| A | B |
|---|
| developed nations | nations with high standards of living; world's wealthiest nations |
| developing nations | nation with low standard of living; world's poorer nations |
| newly developed nation | a nation that is recently industrialized |
| nation in transition | a nation moving from developing stage to developed stage |
| primary economic sector | makes direct use of natural resources |
| secondary economic sector | takes primary industry goods and makes them into consumer products |
| tertiary economic sector | service industry |
| quaternary economic sector | highly skilled professions, which deal with movement and processes of information |
| mercantilism | a country's attempt to sell more than they buy so that gold would be brought into the country rather than drained out |
| socio-economic class | household income class |
| standard of living | quality of life based on some measure such as number of cars, accessibility of medical care, education, etc. |
| trade pattern | exchange paths, routes (ex: Silk Road) |
