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Vocabulary Chapter 18
Directions: List each vocabulary word below with its definition next to it. Under the
definition add one or more of the following to show understanding.
a. Example in complete sentence(s)
b. Real world application in complete sentence(s)
c. Personal example in complete sentence(s)
d. Visual with an explanation in complete sentences.
1. Development: The process by which a nation improves the economic, political,
and social well-being of its people.
2. Developed Nation: Nation with a higher average level of material well-being.
3. Less Developed Nation: Nation with a low level of material well-being.
4. Per Capita Gross Domestic Product: A nation’s gross domestic product (GDP)
divided by its population.
5. Industrialization: The extensive organization of an economy for the purpose of
6. Subsistence agriculture: Level of farming in which a person raises only enough
food to feed his or her family.
7. Infrastructure: The services and facilities necessary for an economy to function.
8. Newly Industrialized Country: Less developed country that has shown significant
improvement in the measures of development.
9. Population growth Rate: The increase in a country’s population in a given year,
expressed as a percentage of the population figure at the start of the year.
10. Natural rate of population increase: The difference between the birth rate and the
death rate.
11. Arable: Suitable for producing crops.
12. Malnutrition: Inadequate nutrition.
13. Internal Financing: Financing derived from the savings of a country’s citizens.
14. Foreign Investment: Investment originating from other countries.
15. Foreign Direct Investment: The Establishment of an enterprise by a foreigner.
16. World Bank: The largest provider of development assistance.
17. United Nations Development Program: United Nations program dedicated to
elimination of poverty through development.
18. International Monetary Fund: Organization formed to stabilize international
exchange rates and facilitate development.
19. Debt Rescheduling: Lengthening the time of debt repayment and forgiving, or
dismissing part of the loan.
20. Stabilization Program: An agreement between a debtor and the IMF in which the
nation agrees to revise its economic policy.
21. Privatization: The sale or transfer of state-owned businesses to individuals.
22. Work Ethic: System of values that gives central importance to work.
23. Glasnost: A policy of political “openness” introduced into the Soviet Union in
the late 1980s.
24. Perestroika: Soviet leader Gorbachev’s plan for economic restructuring.
25. Light Industry: The production of small consumer goods.
26. Special Economic Zones: Designated regions in China where foreign investment
is encouraged, businesses can make most of their own investment and production
decisions, and foreign companies are allowed to operate.