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Advanced Economy
A term used to describe a country with a very high level of economic development, characterized by high-income levels, diversified economic structures, and stable financial markets.
Economic Growth
An increase in the production of goods and services in an economy over a period, typically measured by the rise in real GDP.
Productivity
The efficiency with which goods and services are produced, typically measured in terms of output per labor hour.
Living Standards
Refers to the level of wealth, comfort, material goods available to a person, group, or nation, similar to the standard of living.
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