Tooltip Tags: economy

wealth

The total value of the accumulated assets owned by an individual, household, community, or country. (source: http://www.investorwords.com/17821/wealth.html#ixzz2YTJIiqja)

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voluntary sector

The sphere of social activity undertaken by organizations that are not for profit and non-governmental. (source: http://en.wikipedia.org/wiki/Voluntary_sector)

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underdevelopment

In economics, underdevelopment is when resources are not used to their full socio-economic potential, with the result that local or regional development is slower in

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underdeveloped

Relating to societies in which both the surplus capital and the social organization necessary to advance are lacking. (source: http://www.wordreference.com/definition/underdeveloped)

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tertiary sector

The basic characteristic of this sector is the production of services instead of end products. Services, also known as intangible goods, include attention, advice, access,

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theory of the second best

In welfare economics, the theory of the second best concerns what happens when one or more optimality conditions cannot be satisfied. Canadian economist Richard Lipsey

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substitence economy

An agrarian economy based on production for consumption rather than exchange. Such economies are characterized by low levels of production, yielding a surplus capable of

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standard of living

Financial health of a population, as measured by per capita income and consumption of goods and services by individuals or households. (Read more: http://www.businessdictionary.com/definition/standard-of-living.html#ixzz2X47uy6Hx)

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