Meaning of Economic
What is Economic:
Economical indicates that it 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 at this restaurant is good and cheap”, “Those clothes are cheap”.
However, economic 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 refers to the increase in the Gross Domestic Product (GDP), that is, the increase in the value of the final goods and services produced in a country or region during a certain period of time.
The economic growth indicators of a country include the production of goods and services, investment, employment opportunities, energy consumption and saving, trade agreements, the rise in the standards of living of citizens, the level of education, human capital, among others.
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 according to 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.
Economic liberalism is the economic system that proposes limiting 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 provide security for 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 under equal conditions between the participants.
See also the meaning of Economic Liberalism.
The economic system is called the method that is applied to regulate the different economic activities, that is, production, distribution, consumption of goods and services and allocation of resources.
Through economic systems, it is expected to provide solutions to 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 refers to a methodological proposal by which it is desired to explain how the economic activity is going to be organized and managed and what are the results to be expected. It is an outline 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 economics or it can also present the description of how the different economic procedures should be carried out.
Economic law is one of the branches of public law, therefore it is a set of laws intended to regulate economic activities (distribution, consumption, exchange), which promote public and private economic development.
Economic law is a tool that protects the ethical and moral principles of those who intervene in various economic activities, as well as prevent illegal acts from being incurred.