West Coast vs. East Coast Economy: Which Is Bigger?
West Coast vs. East Coast Economy: An Overview If California was a nation, it would be the world’s fifth-largest economy, edging out Great Britain.12 The state’s gross domestic product was…
Overheated Economy
What Is an Overheated Economy? An overheated economy is one that has experienced a prolonged period of good economic growth and activity that has led to high levels of inflation,…
What Are Some Examples of Free Market Economies?
What Is a Free Market Economy? Governments highly control some economies. In the most extreme planned, or command economies, the government controls all of the means of production and the…
Racial Bias in Medical Care Decision-Making Tools
Racial bias in medical care can show up in some unexpected places. For example: Consider the clinical decision tools that play an important role in how today’s patients are tested,…
3 Ways Robots Affect the Economy
Robots are increasingly being used in every industry and are here to stay, and robotics usage has both positive and negative impacts on business and employees. The following are a…
Is Industrialization Good for the Economy?
Industrialization is the process by which an economy moves from primarily agrarian production to mass-produced and technologically advanced goods and services. This phase is characterized by exponential leaps in productivity,…
First World
What Is the First World? «First world,» a term developed during the Cold War in the 1950s, originally referred to a country that was aligned with the United States and…
Trade
What Is Trade? Trade refers to the voluntary exchange of goods or services between different economic actors. Since the parties are under no obligation to trade, a transaction will only…