(See related pages)
Below are the key terms featured in this chapter. The textbook's full glossary is also available for online searching.
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| economic development | an increase in a country's per capita income that is accompanied by a general rise in living standards (See page(s) 420) |
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| exponential growth | growth that is based on a percentage change and that builds on itself (See page(s) 411) |
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| high-income countries | countries with per capita incomes substantial enough to provide their citizens with widespread prosperity (See page(s) 417) |
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| industrially advanced countries (IACs) | countries that have a high degree of industrialization (See page(s) 417) |
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| less-developed countries (LDCs) | countries with traditional mixed economies and low per capita incomes (See page(s) 417) |
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| low-income countries | the poorest countries in the world, as defined by per capita incomes (See page(s) 417) |
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| middle-income countries | countries in which a sizable minority of the population no longer lives in acute poverty (See page(s) 417) |
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| newly industrializing countries (NICs) | countries that recently have exhibited strong economic growth and rapid industrialization (See page(s) 417) |
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| research and development (R&D) expenditures | spending that is meant to accelerate the pace of technological progress (See page(s) 413) |
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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 (See page(s) 411) |
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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 (See page(s) 413) |
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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 (See page(s) 420) |
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| World Bank | an international lending institution known officially as the International Bank for Reconstruction and Development (See page(s) 417) |