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.
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