Economic Changes

Definition

Economic changes refer to shifts and transformations in the economic systems, structures, and conditions of a society. These changes can include alterations in production methods, distribution networks, trade policies, labor practices, and financial systems.

Related terms

Globalization: The process of increasing interconnectedness between countries through the exchange of goods, services, ideas, and cultures.

Industrialization: The development of industries on a large scale involving mechanized production processes.

Capitalism: An economic system characterized by private ownership of resources and businesses with an emphasis on profit-making.