ch. 20 Macroeconomics
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GDP per capita
The value of final goods produced (GDP) divided by the total population.
Industrially advanced countries (IACs)
High-income nations that have market economies based on large stock of technologically advanced capital and well-educated labor. The United Stated, Canada, Autralia, New Zealand, Japan, and most of the countries of Western Europe are IACs
Less-developed countries (LDCs)
Nations without large stocks of technologically advanced capital and well-educated labor. LDCs are economies based on agriculture, such as most contries of Africa, Asia, and Latin America.
Vicious circle of poverty
The trap in wich countries are poor bacause they cannot afford to save and invest, but they cannot can save and invest bacause they are poor.
Capital goods usually provided by the goverment,including highways, bridges, waste and water system, and airports.
The transfer of money or resources from one goverment to another for wich no repayment is requiered
Aggency for International Development (AID)
The agency of the U.S. State Department that is in charge of U.S. aid to foreign countries.
The lending agency that makes long-term, low-interes loans and provides technical assistance to less-developed countries.
International Monetary Found (IMF)
The lending agency that makes short-term conditional low-interest loans to developing countries.
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