Archives: Terms

Definition of Middle-Income Countries (MICs) Middle-Income Countries (MICs) refer to countries that have a moderate level of per capita income. They are neither classified as low-income countries (LICs) nor as high-income countries (HICs). The World Bank categorizes countries into different income groups based on their Gross National Income (GNI) per […]

Definition of Middle East and North Africa (MENA) The Middle East and North Africa (MENA) is a region that encompasses countries located in both the Middle East and North Africa. It includes countries such as Algeria, Bahrain, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, […]

Definition of Metropolitan Statistical Area (MSA) A Metropolitan Statistical Area (MSA) is a geographical region with a high population density and economic integration. It consists of one or more counties and includes a core urban area with a large population center. MSAs are defined by the Office of Management and […]

Definition of Mercantilism Mercantilism is an economic theory and practice that emerged in Europe during the 16th to 18th centuries. It promotes economic policies focused on maximizing a nation’s exports and accumulating wealth through trade surpluses. According to mercantilism, a country’s economic success is measured by the amount of gold […]

Definition of Medicaid Medicaid is a government-funded program that provides health insurance to low-income individuals and families. It is a joint federal and state program that offers coverage for medical expenses such as doctor visits, hospital stays, prescription medications, and long-term care services. Example To understand Medicaid in practice, let’s […]

Definition of Median The median is a statistical measure that represents the middle value in a set of data when the data is arranged in ascending or descending order. It is different from the mean, which is the average value of the data. The median is a useful measure when […]

Definition of Mature Industry A mature industry is an industry that has reached its peak in terms of growth and development. It is characterized by stable market conditions, slow or stagnant growth rates, and a high level of market saturation. In a mature industry, most companies have already established their […]

Definition of Mass Production Mass production is a manufacturing process that involves the production of goods on a large scale. It refers to the efficient production of standardized products through the use of automated machinery, assembly lines, and specialized labor. The goal of mass production is to produce goods quickly […]

Definition of Marxism Marxism is a sociopolitical theory that originated from the works of Karl Marx and Friedrich Engels. It is based on the idea that societies are divided into two main classes: the bourgeoisie (or capitalists) and the proletariat (or workers). According to Marxism, the bourgeoisie, who own the […]

Definition of Marxian Economics Marxian economics is an economic theory and critique of capitalism developed by Karl Marx. It is based on the idea that capitalist societies are characterized by class struggle and exploitation, with the bourgeoisie (capitalist class) owning the means of production, and the proletariat (working class) who […]