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A situation when too many consumers are trying to use the same impure public good simultaneously, and, as a result, the benefit to each user of this public good is reduced. Examples of...

The number of people during a specified time period who supply labour for the production of goods and services as defined by the United Nations System of National Accounts.

An area, designated as such by the government, in which its aim is to restore private-sector activity by removing certain tax burdens and by relaxing certain statutory controls. Benefits,...

The acquisition by residents of a country of real assets abroad. This may be done by remitting money abroad to be spent on acquiring land, constructing buildings, mines, or machinery, or...

An area of a country where national tariffs are not applied. This is intended to encourage industries which rely largely on producing goods for export using large amounts of imported...

A hypothesis, first suggested by the economist Nikolai Kondratieff, that the international economy is characterized by 50-year price cycles. The term has also been used more generally to...

Absolute location is expressed with reference to an arbitrary grid system as it appears on a map. Relative location is concerned with a feature as it relates to other features.

Tra...

In 1973, the OPEC countries, headed by Libya, quadrupled the price of oil, and many member states nationalized the oilfields in their own countries. Oil companies began to develop...