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Transformation in economics refers to a long-term change in dominant economic activity in terms of prevailing relative engagement or employment of able individuals. Human economic systems undergo a number of deviations and departures from the "normal" state, trend or development.
As such, economic transformation emphasises the movement from low- to high-productivity activities within and across all sectors (which can be tasks or activities that are combinations of agriculture, manufacturing and services). This movement of resources from lower- to higher-productivity activities is a key driver of economic development. [3]
Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions.
In economics, structural change is a shift or change in the basic ways a market or economy functions or operates. [1]Such change can be caused by such factors as economic development, global shifts in capital and labor, changes in resource availability due to war or natural disaster or discovery or depletion of natural resources, or a change in political system.
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An Economic History of the World Since 1400 (2016) online 48 university lectures; Liss, Peggy K. Atlantic Empires: The Network of Trade and Revolution, 1713–1826 (Johns Hopkins University Press, 1983). Neal, Larry, and Rondo Cameron. A Concise Economic History of the World: From Paleolithic Times to the Present (5th ed. 2015) 3003 edition online
Economic factors One area that has a big influence on stock prices is data related to the overall economy. Whether the economy is growing faster than expected or slower can send stocks higher or ...
Many studies show that modernization has contributed to democracy in some countries. For example, Seymour Martin Lipset argued that modernization can turn into democracy. [19] There is academic debate over the drivers of democracy because there are theories that support economic growth as both a cause and effect of the institution of democracy.