ECONOMIC DEVELOPMENT: The process of improving the economy's ability to satisfy consumers wants and needs. Unlike economic growth, which is concerned with year to year increases in production, economic development deals more with the basic fabric of society, especially the institutions that govern the way our economy and society functions. As such, a lesser developed nation is not only likely to have a low levels of production and limited amount capital, but also cultural beliefs and government practices that prevent more effective use of the capital.

     See also | economic growth | living standard | investment | capital | production possibilities | production | real gross domestic product |

ECONOMIC DEVELOPMENT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: March 26, 2025].

Back to the GLOSS*arama

A market structure characterized by a small number of large firms that dominate the market, selling either identical or differentiated products, with significant barriers to entry into the industry. This is one of four basic market structures. The other three are perfect competition, monopoly, and monopolistic competition. Oligopoly dominates the modern economic landscape, accounting for about half of all output produced in the economy. Oligopolistic industries are as diverse as they are widespread, ranging from breakfast cereal to cars, from computers to aircraft, from television broadcasting to pharmaceuticals, from petroleum to detergent.

Complete Entry | Visit the WEB*pedia

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a pleather CD case or a how-to book on fine dining. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
Your Complete Scope

This isn't me! What am I?

-- Bob Proctor, Author and Speaker

User Feedback