Library / English Dictionary

ECONOMIC PROCESS

Pronunciation (US):

(GB):

 I. (noun) 

Sense 1

Meaning:

Any process affecting the production and development and management of material wealth, or, according to Carmine Gorga, Ph.D., author of the book 'The Economic Process', the process of production of real wealth, distribution of ownership rights over real and monetary wealth, and consumption or expenditure of monetary wealth to purchase real wealth

Classified under:

Nouns denoting natural processes

Hypernyms ("economic process" is a kind of...):

physical process; process (a sustained phenomenon or one marked by gradual changes through a series of states)

Hyponyms (each of the following is a kind of "economic process"):

deflation (a contraction of economic activity resulting in a decline of prices)

demand (the ability and desire to purchase goods and services)

disinflation (a reduction of prices intended to improve the balance of payments)

economic growth (steady growth in the productive capacity of the economy (and so a growth of national income))

globalisation; globalization (growth to a global or worldwide scale)

inflation; rising prices (a general and progressive increase in prices)

market forces (the interaction of supply and demand that shapes a market economy)

spiral (a continuously accelerating change in the economy)

supply (offering goods and services for sale)

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