Economics Key Terms 5.5

1. the reduction or cancellation of debt that LEDCs owe to either the World Bank or Developed Nations (4, 6)
5. an organisation that provides loans to LEDCs. It is based in Washington in the USA (5, 4)
6. a tax which is imposed on goods and services which have been imported from abroad and which has the effect of increasing the price (6)
9. a physical limit to the amount of goods and services that can be imported into a country (5)

2. where a person has a standard of living well below the average for that country (8, 7)
3. a sum of money which is owed by the government of an LEDC to richer developed nations or organisations such as the World Bank (13, 4)
4. the process of erecting barriers to trade such as tariffs and quotas to restrict the amount of imports coming into a country (13)
7. where living in poverty makes it harder for you to escape poverty in the long run (7, 5)
8. the exchange of goods and services between countries where there are no restrictions (4, 5)
10. any barriers excluding that are designed to restrict trade and limit the amount of imports entering a country (3, 6, 8)

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