Simplify. 
Definitions:
Industrially Advanced Countries (IACs)
Nations with highly developed economies, significant industrial production, and advanced technological infrastructure.
Per Capita Income
Represents the average income earned per person in a given area in a specified year.
Standard Of Living
The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area.
Per Capita Income
The average income earned per person in a given area in a specified year, often used to gauge the economic prosperity of a population.
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