New Economy: Definition, History, Examples of Companies

New Economy: Definition and History The term “New Economy” refers to the modern economic system that emerged in the late 20th century and is characterized by the widespread use of information technology and the internet. It represents a shift from the traditional industrial economy to a more knowledge-based and technology-driven …

Labor Union Definition, History, and Examples

Labor Union Definition Labor unions play a crucial role in advocating for workers’ rights and ensuring fair treatment in the workplace. They aim to improve the overall well-being of their members by addressing issues such as job security, health and safety, and work-life balance. One of the primary functions of …

Kickback Definition How It Works and Examples

Kickback Definition: How It Works and Examples A kickback is a form of bribery where someone receives money or favors in exchange for providing a business opportunity or contract to another person or company. This illegal practice is commonly found in various industries, including government contracts, construction, and procurement. How …

Fourth World: Definition and History of The Term

What is Fourth World? The term “Fourth World” refers to a concept that describes the most marginalized and disadvantaged populations in the world. It is often used to refer to indigenous peoples, ethnic minorities, and other marginalized groups who face extreme poverty, social exclusion, and lack of access to basic …

Factors Contributing to an Overheated Economy

Factors Contributing to an Overheated Economy An overheated economy occurs when there is excessive growth and activity, leading to inflation and potential economic instability. Several factors can contribute to an overheated economy, including: 1. Government Spending and Fiscal Policy Government spending plays a significant role in the overall health of …

Exploring the History and Impact of the Second World

Exploring the History and Impact of the Second World Economy The Second World Economy refers to the economic system that emerged after the end of the Second World War in 1945. It was characterized by the division of the world into two major economic blocs, the capitalist West and the …

Economy: Types Of Economies And Economic Indicators

Types of Economies In the world of economics, there are several types of economies that exist. These economies can be categorized based on their level of government involvement and the degree of economic freedom they provide to individuals and businesses. Here are some of the main types of economies: 1. …

Disguised Unemployment: The Definition And Types

What is Disguised Unemployment? Disguised unemployment refers to a situation where individuals appear to be employed, but their contribution to the overall productivity of the economy is minimal or even zero. In other words, these individuals are not adding any value to the production process, and their presence in the …

Contract Provision Meaning Considerations and FAQs

Contract Provision Meaning Contract provisions serve several important purposes: Clarifying expectations: Contract provisions help to clearly define the expectations and obligations of each party involved in the contract. By outlining specific terms and conditions, these provisions ensure that all parties are on the same page and understand what is expected …

Command Economy: Definition How It Works and Characteristics

What is a Command Economy? Unlike a market economy, where decisions are made by individuals and businesses based on supply and demand, a command economy relies on central planning. The government sets production targets, allocates resources, and determines prices. Command economies are often associated with socialist or communist countries, where …