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

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.

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

Debt rescheduling is a new agreement with old creditors to pay them less per period but for a longer payback period.

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.

Globalization is the increase in cross-border trade and influence on the economic and social behaviour of nation states.