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THIRD-WORLD COUNTRY: A country with a relatively low standard of living and which lacks the economic development of more advanced industrialized nations like the United States. Most third-world countries are in Africa, Asia, and South America and often rise to newsworthy prominence when they have a famine, are overthrown by a military dictator, or are invaded by a more developed country. They tend to have high rates of population growth and limited success in doing what's necessary to achieve economic growth.

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RESOURCES

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Resources are often given the more descriptive term factors of production.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a flea market hoping to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for slow moving vehicles with darkened windows.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"In a time of drastic change, it is the learners who inherit the future. "

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IBRD
International Bank for Reconstruction and Development
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