Development Economics — Glossary

A situation where a country can produce a good or service more efficiently than another country, using fewer resources.

An economic principle stating that countries benefit by specializing in producing goods where they have a lower opportunity cost than others, enabling efficient trade.

An economic and political theory that explains global inequality as a result of historical exploitation and structural dependence of developing countries on developed ones.

A condition where countries are mutually reliant on each other for goods, services, and capital, affecting their political relations.

Global agenda of 17 goals adopted by UN member states to address social, economic, and environmental challenges by 2030.

Incorporating the UN SDGs into national policies and international cooperation to achieve global development targets.

A set of proposals by developing countries in the 1970s to promote their interests through reforming global economic relations.

The responsiveness of the quantity supplied of a good to changes in its price in international markets.

Initiatives funded by the [World Bank](https://modeldiplomat.com/learn/glossary/world-bank) aimed at reducing poverty and promoting economic development in low-income countries.

A legal process resolving trade disputes between member countries to enforce WTO agreements.