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Economic Growth
The increase in the value of goods and services produced by an economy over time.
GDP per Capita
The gross domestic product divided by the population of a country, representing an average economic output per person.
Infant Survival Rate
The percentage of infants who survive to age 5 in a given population.
Correlation
A statistical relationship between two variables, showing how one may affect the other.
Poverty Line
The minimum level of income deemed adequate in a particular country.
Human Capital
The skills, knowledge, and experience possessed by an individual, considered in terms of their value or cost to an organization.
Physical Capital
The stock of equipment and structures that are used to produce goods and services.
Technological Knowledge
Understanding of how to use tools, processes, and systems to produce goods and services.
Exponential Growth
A process whereby a quantity increases by a consistent percentage over time.
Rule of 70
A formula to estimate the number of years required to double an investment at a fixed annual rate of return by dividing 70 by the expected rate of return.
Growth Miracles
Rapid economic growth experienced by some countries in a short period.
Growth Disasters
Economic decline or stagnation experienced by a country after previously experiencing growth.
Competitive Markets
Markets where many firms compete for customers, leading to lower prices and improved products.
Institutions
The laws, regulations, and organizational structures that shape economic behavior.
Property Rights
Legal rights to use and derive benefit from a resource.
Corruption
Dishonest or fraudulent conduct by those in power, typically involving bribery.
Political Stability
The durability and integrity of a current government regime, characterized by consistent governance.
Economic Indicators
Statistics that provide information about the economic performance of a country.
Income Distribution
How a nation’s total GDP is distributed amongst its population.
Material Goods
Physical items that are produced and consumed, including electronics, clothing, and food.
Social Mores
The accepted traditional customs and usages of a particular social group.
Investment
The action of putting money into something to earn a financial return.
Sustainable Growth
Economic development that aims to meet the needs of the present without compromising the ability of future generations to meet their needs.
Globalization
The process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture.
Standard of Living
The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area.
Economic Policies
Strategies by governments to influence their economies.
Market Economy
An economy in which production and prices are determined by unrestricted competition between privately owned businesses.
Resource Allocation
The process of distributing resources among various programs or projects.
Cultural Attitudes
Shared beliefs and values that influence individual and group behavior within a society.
GDP Growth Rate
The annual percentage increase in the value of a country’s gross domestic product.
Historical Trends
Patterns of development and change in structures, behaviors, or attitudes over time.
Trade Barriers
Government-imposed restrictions on the free exchange of goods and services between nations.
Sovereignty
The authority of a state to govern itself or another state.
Developing Nations
Countries with a lower GDP and a lower standard of living compared to developed countries.
Global Economic System
The integrated worldwide economic framework that influences and governs trade, investments, and financial transactions.
Landlocked Countries
Nations that do not have a coastline and are surrounded by land, which impacts their trade capabilities.
Arbitrary Rules
Laws or regulations that are determined by chance rather than being based on reason or system.
Economic Disparity
The unequal distribution of wealth and resources across different segments of society.
Labor Productivity
A measure of economic performance that indicates the efficiency of labor in producing goods.
Entrepreneurship
The process of starting and running a new business with the aim of making a profit.
Innovation
The act of introducing new ideas, products, or methods to enhance or improve services or processes.
Economic Engagement
The degree to which entities interact economically, often measured by trade and investment flows.
Global Competitiveness
The ability of a country to provide an environment that fosters economic growth and innovation.
Socioeconomic Factors
Social and economic characteristics that influence the behavior and outcomes of individuals or groups.
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