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Harry Bindloss


Gross Domestic Product. The total market value of all final goods and services produced in a
country in a given year, equal to total consumer, investment and government spending, plus
the value of exports, minus the value of imports. It is important to differentiate Gross

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Harry Bindloss

Breaking out of the poverty Cycle

Subsidise capital goods
Lean Production
Supply Side
Attract FDI
Family Planning
Buffer Stock
Micro financing
Fair trade

Sectoral Change

Primary Sector: Working in agriculture and the most basic jobs

Secondary Sector: Working in manufacturing and production

Tertiary Sector: Working in technology…

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Harry Bindloss

- So started making more crops
- Price decreases
- Depletion of resources

The four problems with structural change

1) Factor mobility
a) Land ­ Not very mobile
b) Labour- Occupationally/Geographically
c) Capital ­ Not very occupational and can be expensive

2) Structural Unemployment

3) Rural/Urban migration

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Harry Bindloss

Underdevelopment ­ Higher standards of living would allow people to take care of

Resource depletion ­ If you can address this then it wouldn't be as much of a problem

Population distribution ­ There is a lot of space in country side etc.

Subordination of women ­…

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Harry Bindloss

Cultural values and tradition values erode
Government resources such as infrastructure projects are targeted and local people
can't use them
Tourism may be enclosed in nature
There can be leakages in the economy
Seasonal unemployment
Tourism is YES elastic
High import elasticity of demand
Hotels etc. are…

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Harry Bindloss

Fair Trade schemes: Schemes that set out to ensure that small producers in LEDC's receive
a fair price for their products.

Microfinance: Schemes that provide finance for small-scale projects in LEDC's


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