A knowledge economy represents a transformative shift in economic systems where the production and consumption of goods and services rely primarily on knowledge and intellectual capital rather than traditional material resources.

Industrialization marks a pivotal period in human history, characterized by the transition from agrarian economies, which primarily rely on agriculture and manual labor, to industrial powerhouses that are driven by mechanization and technological innovation.

Inflation targeting is a monetary policy framework wherein a central bank establishes and publicly communicates a specific medium-term goal for the inflation rate.

Economic growth refers to the increase in the production of goods and services in an economy over a specific period, typically measured in terms of gross domestic product (GDP).