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Economic Potential
Economic potential is the potential of a region, nation, or corporation for economic development and economic growth, growth. Typically, discussions of economic potential occur when available resources have not yet been tapped and fully developed or exploitation of natural resources, exploited, possibly because of missing infrastructure. The Department of Defense Dictionary of Military and Associated Terms, Dictionary of Military and Associated Terms (2005) defines economic potential as :"The total productive capacity, capacity of a nation to production (economics), produce good (economics), goods and service (economics), services." See also * Productive capacity * Potential output * Production–possibility frontier * Developing country * Potential superpowers * References External linksEconomic Potential * {{econ-stub Production economics ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Potential
Potential generally refers to a currently unrealized ability. The term is used in a wide variety of fields, from physics to the social sciences to indicate things that are in a state where they are able to change in ways ranging from the simple release of energy by objects to the realization of abilities in people. The philosopher Aristotle incorporated this concept into his theory of potentiality and actuality (in Greek, ''dynamis'' and ''energeia''), translated into Latin as ''potentia'' and ''actualitas'' (earlier also ''possibilitas'' and ''efficacia''). a pair of closely connected principles which he used to analyze motion, causality, ethics, and physiology in his ''Physics'', ''Metaphysics'', ''Nicomachean Ethics'', and '' De Anima'', which is about the human psyche. That which is potential can theoretically be made actual by taking the right action; for example, a boulder on the edge of a cliff has potential to fall that could be actualized by pushing it over the edge. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Productive Capacity
Productive capacity is the maximum possible output (economics), output of an economy. According to the United Nations Conference on Trade and Development (UNCTAD), no agreed-upon definition of maximum output exists. UNCTAD itself proposes: "the productive ''resources'', entrepreneurial ''capabilities'' and production ''linkages'' which together determine the capacity of a country to produce goods and services." The term may also be applied to individual resources or assets; for instance the productive capacity of an area of farmland. Definition in more depth Productive capacity has a lot in common with a Production–possibility frontier, production possibility frontier (PPF) that is an answer to the question what the maximum production capacity of a certain economy is which means using as many economy’s resources to make the output as possible. In a standard PPF graph, two types of goods’ quantities are set. PPF expresses all the possibilities of a combination of these goods ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Developing Country
A developing country is a sovereign state with a less-developed industrial base and a lower Human Development Index (HDI) relative to developed countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. The terms low-and middle-income country (LMIC) and newly emerging economy (NEE) are often used interchangeably but they refer only to the economy of the countries. The World Bank classifies the world's economies into four groups, based on gross national income per capita: high-, upper-middle-, lower-middle-, and low-income countries. Least developed countries, landlocked developing countries, and small island developing states are all sub-groupings of developing countries. Countries on the other end of the spectrum are usually referred to as high-income countries or developed countries. There are controversies over the terms' use, as some feel that it perpetuates an outdated concept of "us" and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Production–possibility Frontier
In microeconomics, a production–possibility frontier (PPF), production possibility curve (PPC), or production possibility boundary (PPB) is a graphical representation showing all the possible quantities of outputs that can be Production (economics), produced using all factors of production, where the given resources are fully and efficiently utilized per unit time. A PPF illustrates several economic concepts, such as allocative efficiency, economies of scale, opportunity cost (or marginal rate of transformation), productive efficiency, and scarcity of resources (the economic problem, fundamental economic problem that all societies face). This tradeoff is usually considered for an economy, but also applies to each individual, household, and economic organization. One good can only be produced by diverting resources from other goods, and so by producing less of them. The PPF curve Graphically bounding the production set for fixed input quantities, the PPF curve shows the maximu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Potential Output
In economics, potential output (also referred to as "natural gross domestic product") refers to the highest level of real gross domestic product (potential output) that can be sustained over the long term. Actual output happens in real life while potential output shows the level that could be achieved. Limits to output Natural (physical, etc) and institutional constraints impose limits to growth. If actual GDP rises and stays above potential output, then, in a free market economy (i.e. in the absence of wage and price controls), inflation tends to increase as demand for factors of production exceeds supply. This is because of the finite supply of workers and their time, of capital equipment, and of natural resources, along with the limits of our technology and our management skills. Graphically, the expansion of output beyond the natural limit can be seen as a shift of production volume above the optimum quantity on the average cost curve. Likewise, if GDP persists below natural ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Productive Capacity
Productive capacity is the maximum possible output (economics), output of an economy. According to the United Nations Conference on Trade and Development (UNCTAD), no agreed-upon definition of maximum output exists. UNCTAD itself proposes: "the productive ''resources'', entrepreneurial ''capabilities'' and production ''linkages'' which together determine the capacity of a country to produce goods and services." The term may also be applied to individual resources or assets; for instance the productive capacity of an area of farmland. Definition in more depth Productive capacity has a lot in common with a Production–possibility frontier, production possibility frontier (PPF) that is an answer to the question what the maximum production capacity of a certain economy is which means using as many economy’s resources to make the output as possible. In a standard PPF graph, two types of goods’ quantities are set. PPF expresses all the possibilities of a combination of these goods ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Service (economics)
A service is an act or use for which a consumer, company, or government is willing to payment, pay. Examples include work done by barbers, doctors, lawyers, mechanics, banks, insurance companies, and so on. Public services are those that society (nation state, fiscal union or region) as a whole pays for. Using resources, skill, ingenuity, and experience, service providers benefit service consumers. Services may be defined as intangible acts or performances whereby the service provider provides value to the customer. Key characteristics Services have three key characteristics: Intangibility Services are by definition intangible. They are not manufactured, transported or stocked. One cannot store services for future use. They are produced and consumed simultaneously. Perishability Services are perishable in two regards: * Service-relevant resources, processes, and systems are assigned for service delivery during a specific period in time. If the service consumer does not request ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Good (economics)
In economics, goods are anything that is good, usually in the sense that it provides well-being, welfare or utility to someone.Alan V. Deardorff, 2006. ''Terms Of Trade: Glossary of International Economics'', World Scientific. Online version: Deardorffs' Glossary of International Economics"good" an Goods can be contrasted with bads, i.e. things that provide negative value for users, like chore division, chores or waste. A bad lowers a consumer's overall welfare. Economics focuses on the study of economic goods, i.e. goods that are scarce; in other words, producing the good requires expending effort or resources. Economic goods contrast with free goods such as air, for which there is an unlimited supply.Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. Goods are the result of the Secondary sector of the economy which involves the transformation of raw materials or intermediate goods into goods. Utility and characteristics of goods The c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Production (economics)
Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output (economics), output will be a goods and services, good or service which has value (economics), value and contributes to the utility (economics), utility of individuals. The area of economics that focuses on production is called production theory, and it is closely related to the consumption (or consumer) theory of economics. The production process and output directly result from productively utilising the original inputs (or factors of production). Known as primary producer goods or services, land, labour, and capital are deemed the three fundamental factors of production. These primary inputs are not significantly altered in the output process, nor do they become a whole component in the product. Under classical economics, materials and energy are categorised as secondary factors a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Department Of Defense Dictionary Of Military And Associated Terms
The ''Department of Defense Dictionary of Military and Associated Terms'' is a compendium of terminology used by the United States Department of Defense (DOD). The print version consists of 574 pages of terms and 140 pages of acronyms. It sets forth standard US military and associated terminology to encompass the joint activity of the Armed Forces of the United States in both US joint and allied joint operations, as well as to encompass the Department of Defense (DOD) as a whole. These military and associated terms, together with their definitions, constitute approved DOD terminology for general use by all components of the Department of Defense. The Secretary of Defense, by DOD Directive 5025.12, 23 August 1989, Standardization of Military and Associated Terminology, has directed its use throughout the Department of Defense to ensure standardization of military and associated terminology. This publication supplements standard English-language dictionaries with standard terminolog ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Region
In geography, regions, otherwise referred to as areas, zones, lands or territories, are portions of the Earth's surface that are broadly divided by physical characteristics (physical geography), human impact characteristics (human geography), and the interaction of humanity and the environment (environmental geography). Geographic regions and sub-regions are mostly described by their imprecisely defined, and sometimes transitory boundaries, except in human geography, where Jurisdiction (area), jurisdiction areas such as national borders are defined in law. More confined or well bounded portions are called ''locations'' or ''places''. Apart from the Earth, global continental regions, there are also hydrosphere, hydrospheric and atmosphere, atmospheric regions that cover the oceans, and discrete climates above the land mass, land and water mass, water masses of the planet. The land and water global regions are divided into subregions geographically bounded by large geological feature ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Infrastructure
Infrastructure is the set of facilities and systems that serve a country, city, or other area, and encompasses the services and facilities necessary for its economy, households and firms to function. Infrastructure is composed of public and private physical structures such as roads, railways, bridges, airports, public transit systems, tunnels, water supply, sewers, electrical grids, and telecommunications (including Internet connectivity and broadband access). In general, infrastructure has been defined as "the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance societal living conditions" and maintain the surrounding environment. Especially in light of the massive societal transformations needed to mitigate and adapt to climate change, contemporary infrastructure conversations frequently focus on sustainable development and green infrastructure. Acknowledging this importance, the international co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
