Examlex
Scarcity occurs when an individual's resources exceed his wants.
Public Services
Services provided by the government to its citizens, either directly or through the financing of private institutions, to meet basic needs and improve quality of life.
Modernization Theory
A theory suggesting that economic development and societal modernization follow a linear trajectory from traditional to modern states.
Economic Success
The achievement of financial prosperity, often measured in terms of income, wealth, and market share.
Industrialized Nations
Countries that are characterized by a high level of economic development, advanced technological infrastructure, and a significant industrial sector.
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