GDP Per Capita Is About 10 Times Higher in Industrially

question 75

True/False

GDP per capita is about 10 times higher in industrially advanced countries (IACs) than in the poorer less-developed countries (LDCs).

---

Definitions:

Foreign Market

Markets outside of a company's home country where it conducts or seeks to conduct business.

Primary Value Chain

The sequence of activities an organization undertakes to develop, produce, and sell its products or services, generating value for customers.

Production Function

An economic model expressing the relationship between inputs (like labor, capital) used in production and the output of those production processes.

Differentiation

The process of distinguishing a product or service from others, to make it more attractive to a particular target market.