When a Lower-Income Economy's GDP Is Able to "Catch Up

question 11

True/False

When a lower-income economy's GDP is able to "catch up" with a higher-income economy's GDP,this behavior is related to an important concept called economic growth.

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Definitions:

Industrial Revolution

A period of major industrialization from the late 18th to early 19th century that transformed agriculture-based societies into industrialized ones.

Large Corporations

Very big companies or enterprises that operate in multiple markets, often globally, and have substantial revenues and assets.

Ethical Behavior

Acting in ways consistent with societal norms and values, including honesty, fairness, and integrity.

Affirmative Social Responsibility

A concept where businesses and organizations actively contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in or supporting volunteering or ethically-oriented practices.