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Poorer countries often rely on a few primary industries and export mainly primary products
Richer countries usually have a more diverse economy with a greater range of industries, products and services
Manufactured goods as well as services are often more valuable and a higher cost than primary products
Trade surplus is where the value of exports is greater than the cost of imports
Trade deficit is where a country's imports cost more than the value of their exports
Some countries have tariffs (import tax) on manufactured goods from other countries, making imported goods very expensive
Many countries have large national debts which mean repayments are made instead of investing in development and infrastructure projects
World trade is often seen as unfair

Economic factors affecting development and inequality
Instructions | More on the Hexagons Approach

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