Meaning of Economic

What is Economic:

Economic indicates that consumes little, low cost. It derives from the term economy, which is the science that studies the administration, production, distribution and consumption of goods and services.

This word is usually used in the following way, “Sunday’s walk was cheap”, “The menu of this restaurant is good and cheap”, “Those clothes are cheap”.

However, economics is also part of the different concepts related to the concept of economy and its uses in the different areas of social, political and cultural studies.

See also the meaning of Economy.

Economic growth

Economic growth refers to increase in Gross Domestic Product (GDP)that is, the increase in the value of final goods and services produced in a country or region during a given period.

The indicators of the economic growth of a country include the production of goods and services, investment, employment opportunities, energy consumption and savings, trade agreements, the rise in the living standards of citizens, the education, human capital, among others.

Economic development

Economic development is an indicator that exposes the capacity of a country to generate wealth, progress, stability and well-being in society. However, it is also a term that can be applied to each individual depending on their economic progress.

However, to achieve the economic development of a country, it is essential to understand that it must be sustainable over time and there must be a set of strategies that encourage entrepreneurship, production, market competition, less corruption and higher educational quality.

You may be interested:  Bourgeoisie

economic liberalism

Economic liberalism is the economic system that proposes to limit the participation of the State in economic activities. In other words, it is a way of formulating a set of policies that support the market economy and give security to privately owned industries.

Adam Smith was the first author to propose the idea of ​​economic liberalism and to argue that the State should reduce its interference in commercial relations, which should be carried out on equal terms between the participants.

See also the meaning of Economic Liberalism.

Economic system

The economic system is called method applied to regulate the different economic activitiesthat is, production, distribution, consumption of goods and services, and allocation of resources.

Through the economic systems, it is expected to solve the different economic, political, cultural and satisfaction of basic needs or scarcity problems in society, through a set of strategies that are articulated for this purpose.

Economic model

Economic model refers to a methodological proposal by which it is desired to explain how the organize and manage economic activity and what are the results to be expected. It is a scheme of what is intended to be achieved through economic activity.

An economic model can expose the regulations that are established to develop strategies in the area of ​​the economy or it can also present the description of how the different economic procedures should be carried out.

economic law

Economic law is one of the branches of public law, therefore it is a set of laws designed to regulate economic activities (distribution, consumption, exchange), which promote public and private economic development.

You may be interested:  Meaning of Participatory Democracy

Economic law is a tool that allows protecting the ethical and moral principles of those involved in various economic activities, as well as preventing illegal acts from being incurred.

See also the meaning of economic law.

Economic cycle

The business cycle refers to economic swings related to the growth, depreciation, boom, recovery or recession of economic indicators such as employment, unemployment, production, business activity, among others.

Economic cycles can occur in short, medium or long periods, which may or may not be repeated and offer data about how the economic activity of a country or region has been. Business cycles also provide data about the economic growth and development of a country.

economic underdevelopment

Economic underdevelopment is a term used to characterize the low productivity economies and that are below the indicators that stipulate the economic, political, social and cultural development of a country.

Economic underdevelopment is a situation experienced by those societies in which citizens have a low quality of life and difficulties in accessing and enjoying public goods and services.