| Economic development | an increase in a country's per capita income that is accompanied by a general rise in living standards
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| Exponential growth | growth that is based on a percentage change and that builds on itself
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| High-income countries | countries with per capita incomes substantial enough to provide their citizens with widespread prosperity
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| Industrially advanced countries (IACs) | countries that have a high degree of industrialization
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| Less-developed countries (LDCs) | countries with traditional mixed economies and low per capita incomes
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| Low-income countries | the poorest countries in the world, as defined by per capita incomes
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| Middle-income countries | countries in which a sizable minority of the population no longer lives in acute poverty
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| Newly industrializing countries (NICs) | countries that recently have exhibited strong economic growth and rapid industrialization
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| Research and development (R&D) expenditures | spending that is meant to accelerate the pace of technological progress
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| Rule of 72 | states that the number of years it takes a variable to double can be estimated by dividing 72 by the variable's annual percentage growth rate
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| Technological progress | consists of scientific discoveries and their application, advances in production methods, and the development of new types of products
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| Vicious circle of poverty | a cycle whereby low standards of living result in slow growth, thus keeping standards of living low in the future
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| World Bank | an international lending institution known officially as the International Bank for Reconstruction and Development
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2002 McGraw-Hill Higher Education