A process of imporement in the material conditions of people through diffusion of knowledge and technology.
Gross Domestic Product (GDP)
The calue of the total ouput of goods and services produced in a country in a given time perisod (normaly one year).
Less Developed Country (LDC)
Also known as 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
A country that has procgressed relatively far along a continuum of development.
Primary Sector
THe portion of the economy concerned with the direct extraction of materials from Eath's surface, generally through agriculutre, alothough sometimes by mining, fishing, and forestry.
Productivity
The value of a particular product compared tot he amount of labor needed to make it.
Secondary Sector
The portion of the economy conerned with manufacturing useful products throu processing, transforming, and assembling raw materials.
Structural Adjustment Program
Economic policies imposed on less developed counries by international agencies to create conditions encouraing international trade, such as raising taxes, reducing government spending, controlling inflation and other things...
Teritary Secor
The portion of the economy concerned with transportation, communications, and utilities, sometiems 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.
