Less-developed countries (LDCs) are those with low per capita output.

Primary products are agricultural goods and minerals, whose output relies heavily on the input of land.

A buffer stock aims to stabilize a commodity market by buying when the price is low, and selling when the price is high.

Import substitution is the replacement of imports by domestic production under the protection of high tariffs or import quotas.

Import-led growth stresses production and income growth through exports rather than the displacement of imports.

Default is refusing to pay creditors at all.

Structural adjustment is the pursuit of supply-side policies aimed at increasing potential output by increasing efficiency.

Aid is an international transfer payment from rich countries to poor countries.