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Glossary Development |
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| Development gap | The difference in wealth between MEDCs and LEDCs. |
| Free trade | When imports and exports are not restricted. |
| Gross domestic product | (GDP) the total value of goods produced by a country regardless of nationality. |
| Human development index | (HDI) Measures wealth of a country by studying GDP and social indicators. |
| LEDC | Less economically developed country, normally found in the Southern Hemisphere. |
| MEDC | More economically developed country, usually found in the Northern Hemisphere. |
| NGO | Non government organisation |
| Purchasing power parity | (PPP) This means that the GDP of a country can be adjusted because, for example, a dollar buys more in some countries than in others. |
| Social indicators | A way of measuring the wealth in the HDI of a country by looking at different factors such as death rate, infant mortality, literacy … |
| Tariff | Tax on imports. |
| Trade balance | The difference between imports and exports. |
| Trade deficit | Imports are bigger than exports. |
| Trade surplus | Exports are bigger than imports. |
| Trading blocks | Countries that have grouped together for trade, eg. EU. |
| World Trade Organization | (WTO) Makes the rules on world trade. |
