Glossary
Democracy:
A system of government in which power is given to the people who rule either directly or through freely elected representatives.
Developed Country:
An industrialized nation that has a highly developed economy and advanced technologies compared to other less industrialized nations.
Developing Country:
A country that is not highly industrialized and generally has a low standard of living.
Standard of Living:
The level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area.
Industrialization:
Shift from more basic farming economies to manufacturing and technology.
Unemployment Rate:
Percentage of a workforce that is not employed in a job. The rate is often used to assess the health of an economy.
