Economic Boundaries
Definition
These are boundaries that divide regions based on their economic activities or levels of development.
Analogy
Imagine a shopping mall. Some stores sell luxury goods while others sell budget-friendly items. The invisible line separating these two types of stores can be seen as an economic boundary.
Related terms
Economic Sectors: Divisions within an economy based on the kind of work being done (agriculture, manufacturing, services).
Development Indicators: Measures used to assess the level of development achieved by a particular country or region (GDP per capita, literacy rate).
Trade Blocs: Groups of countries that have reached agreements to reduce trade barriers among them (EU, NAFTA).
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