Economic globalisation definition, characteristics, causes and example

Economic globalization definition Economic globalization refers to the increasing interconnectedness and interdependence of economies around the world. It involves the integration of national economies into the global economy through trade, foreign direct investment, and international flows of capit… Continue to read

Industrial revolution definition: What is, origin, stages and causes

Industrial revolution definition The Industrial Revolution refers to a period of major economic and social change that took place from the 18th to the 19th century in Europe and North America. It was a time of rapid industrialization, technological advances, and urbanization that transformed the way… Continue to read

What is recession, definition, meaning, and concept

What is a recession? A recession is a significant decline in economic activity, typically characterized by a contraction in GDP (Gross Domestic Product), a decline in employment levels, and a reduction in trade and industrial production. In other words, a recession occurs when there is a prolonged … Continue to read

Cacao definition and meaning

Cacao (also known as cocoa) is a tropical plant that produces seeds, which are commonly used to make chocolate and cocoa powder. The term "cacao" typically refers to the raw, unprocessed seeds of the plant, while "cocoa" refers to the seeds that have been roasted and processed. T… Continue to read

Oligarch Definition, Meaning, and Concept

An oligarch is an individual or a small group of people who have significant political and economic power in a society or country. These individuals usually possess immense wealth and control over various industries, making them influential in the political and economic decision-making processes. Th… Continue to read