-vis-à-vis when you are considering a relationship or comparison between two things or quantities.

Each
currency is given a value vis-à-vis the other currencies.

Compared with; in regards to. "Bill would make a strong candidate, vis- -vis John, who was not qualified
at all."
French term, literally translated meaning "face-to-face." "I didn't think he was around, but suddenly I
found myself vis- -vis my boss."

-International Poverty Line. The international poverty line is a monetary threshold under which an
individual is considered to be living in poverty. It is calculated by taking the poverty threshold from each
country – given the value of the goods needed to sustain one adult – and converting it into dollars.

-Economic planning is the making of major economic decisions— by the conscious decision of a
determinate authority, on the basis of a comprehensive survey of a country’s existing and potential
resources and a careful study of the needs of the people.

-A closed economy is one that has no trade activity with outside economies.
The closed economy is self-sufficient, which means no imports come into the
country and no exports leave the country. The purpose of a closed economy is to
provide domestic consumers with everything they need from within the country's
borders.
-Economic development can be described as a program, set of policies, or activities that seek
to build capacity for self-sustaining, long-term economic growth. ... Consider the Need for a
Community-Specific Economic Development Plan or Strategy.
-Development planning happens in many different contexts so to define it succinctly is tricky.
Basically development planning refers to the strategic measurable goals that a person,
organization or community plans to meet within a certain amount of time. Usually
the development plan includes time-based benchmarks.
-Laissez faire is the belief that economies and businesses function best when there is no
interference by the government. It comes from the French, meaning to leave alone or to allow to
do. It is one of the guiding principles of capitalism and a free market economy.
-Human development index. The Human Development Index (HDI) is a measure
of economic development and economic welfare. The Human Development
Index examines three important criteria of economic development (life expectancy, education
and income levels) and uses this to create an overall score between 0 and 1
-The Human Poverty Index (HPI), which was introduced in 1997, is a composite index which
assesses three elements of deprivation in a country - longevity, knowledge and a decent
standard of living. The Human Poverty Index was an indication of the poverty of community in a
country, developed by the Union of Soviet Socialists Republic to complement the Human Deprivation
Index and was first reported as part of the Human Deprivation Report in 1997.
-The new growth theory is an economic concept, positing that humans' desires and unlimited
wants foster ever-increasing productivity and economic growth. The new growth
theory argues that real gross domestic product (GDP) per person will perpetually increase
because of people's pursuit of profits

-Industrialization is the process by which an economy is transformed from

primarily agricultural to one based on the manufacturing of goods. Individual
manual labor is often replaced by mechanized mass production, and craftsmen
are replaced by assembly lines. Characteristics of industrialization include
economic growth, more efficient division of labor, and the use of technological
innovation to solve problems as opposed to dependency on conditions outside
human control.
-Inflation is a quantitative measure of the rate at which the average price level of
a basket of selected goods and services in an economy increases over a period
of time. It is the constant rise in the general level of prices where a unit of
currency buys less than it did in prior periods. Often expressed as a percentage,
inflation indicates a decrease in the purchasing power of a nation’s currency.
-The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines.
It was established on 3 July 1993 pursuant to the provisions of the 1987 Philippine Constitution
and the New Central Bank Act of 1993.

-Keynesian economics is a theory that says the government should

increase demand to boost growth. Keynesians believe consumer demand is the
primary driving force in an economy. As a result, the theory
supports expansionary fiscal policy. Its main tools are government spending on
infrastructure, unemployment benefits, and education. A drawback is that
overdoing Keynesian policies increases inflation. Keynesian economics is a theory of
total spending in the economy (called aggregate demand) and its effects on output and inflation.
... A Keynesian believes that aggregate demand is influenced by a host of economic
decisions—both public and private—and sometimes behaves erratically

-Globalization is the spread of products, technology, information, and jobs

across national borders and cultures. In economic terms, it describes an
interdependence of nations around the globe fostered through free trade.

On the upside, it can raise the standard of living in poor and less developed
countries by providing job opportunity, modernization, and improved access to
goods and services. On the downside, it can destroy job opportunities in more
developed and high-wage countries as the production of goods moves across
borders.
Globalization motives are idealistic, as well as opportunistic, but the development
of a global free market has benefited large corporations based in the Western
world. Its impact remains mixed for workers, cultures, and small businesses
around the globe, in both developed and emerging nations.

-The workforce or labour force is the labour pool in employment. It is generally used to describe
those working for a single company or industry, but can also apply to a geographic region like a city,
state, or country. Within a company, its value can be labelled as its "Workforce in Place". The labor
force, also called work force, is the population of able-bodied, willing people who are
currently employed or looking for work. In other words, it's a representation of
the labor pool of a certain country or segment of the economy.

-Money Supply. The money supply measures the total amount of money in the
economy at a particular time. It includes actual notes and coins and also any deposits
which can be quickly converted into cash. e.g. M0 = This is the level of notes and coins
in circulation + banks operational balances at the Bank of England. The money supply
is the entire stock of currency and other liquid instruments circulating in a
country's economy as of a particular time. The money supply can include cash,
coins, and balances held in checking and savings accounts, and other near
money substitutes. Economists analyze the money supply as a key variable to
understanding the macroeconomy and guiding macroeconomic policy.

-Per capita income (PCI) or average income measures the average income earned per
person in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing
the area's total income by its total population.
-GDP per capita is a measure of a country's economic output that accounts for its number of
people. It divides the country's gross domestic product by its total population. That makes it a
good measurement of a country's standard of living. It tells you how prosperous a country feels
to each of its citizens.
-outward looking. : thinking about other people or places The country has become
more outward looking in its economic policies.
-Development policy refers to activities that aim to reduce poverty, implement fundamental
rights and promote sustainable development globally. It involves, for example,
the policy dialogue conducted by Finland within international organisations and our dialogue
with representatives of developing countries.
-Specialization is when a nation or individual concentrates its productive efforts on producing a
limited variety of goods. It oftentimes has to forgo producing other goods and relies on obtaining
those other goods through trade
-Trickle-down economics is a theory that claims benefits for the wealthy trickle down to
everyone else. These benefits are tax cuts on businesses, high-income earners, capital gains,
and dividends. ... They will spend their wages to drive demand and economic growth. Trickle-
down economics, also called trickle-down theory, refers to the economic proposition that
taxes on businesses and the wealthy in society should be reduced as a means to stimulate
business investment in the short term and benefit society at large in the long term. ... Supply-
side is 'trickle-down' theory.