Economic Disparity

more developed countries

A country that has progressed relatively far along a continuum of development

less developed countries

A country that is at a relatively early stage in the process of economic development

life expectancy

A figure indicating how long, on average, a person may be expected to live

subsistence agriculture

Agriculture designed primarily to provide food for direct consumption by the farmer and the farmer's family

commercial agriculture

Agriculture undertaken primarily to generate products for sale off the farm.

primary economic activity

An economic activity that takes something from the ground (farming, mining, forestry, etc.)

commercial industry

An industry that is run to make a profit.

disparity

An inequality; a gap; an imbalance

indicators

Contain a dye that changes colour depending on the pH

standard of living

Level of economic prosperity

cottage industry

Manufacturing based in homes rather than in a factory, commonly found before the Industrial Revolution.

Quarternary economic activity

Providing management and research

tertiary economic activity

The segment of the economy that provides services to its consumers

levels of development

The study of how countries develop financially

gross domestic product

The sum total of the value of all the goods and services produced in a nation

human development index

Used to measure a country's overall achievement in its social and economic dimensions

trade agreement

agreement by a group of countries to promote trade among them

newly industrialized countries

countries that are in developing stage

secondary economic activity

countries that manufacture a lot of products, e.g. automobile assembly line.

literacy

the ability to read and write

per capital income

the amount of money each person would have if a country's total income was divided equally

economic diversity

the various ways money impacts humans (real estate/land, investments, savings, transportation, etc.)