Archives: Terms

Definition of Grant-in-Aid A grant-in-aid is a form of financial assistance provided by one level of government to another level of government or to non-governmental organizations (NGOs). It is usually given with specific conditions attached, and its purpose is to support specific activities or projects. Example Let’s say there is […]

Definition of Government Shutdown A government shutdown occurs when the government is unable to pass a budget or a temporary funding measure, resulting in the closure of non-essential government services and the furlough of non-essential employees. This typically happens when there is a disagreement between the executive and legislative branches […]

Definition of Government Purchase Government purchase refers to the acquisition of goods and services by the government for public use and to fulfill its functions. It includes any spending that the government makes on behalf of its citizens, such as infrastructure projects, military equipment, healthcare services, education, and public transportation. […]

Definition of Goldilocks Economy The Goldilocks economy refers to a state of an economy that is characterized by balanced growth, low inflation, and low unemployment. This term is derived from the popular children’s story, Goldilocks and the Three Bears, in which Goldilocks finds the porridge, chair, and bed that are […]

Definition of the Golden Rule The Golden Rule is a moral and ethical principle that suggests treating others as one would like to be treated. It is often expressed as “Do unto others as you would have them do unto you” and is found in many religions and cultural traditions […]

Definition of Glocalization Glocalization refers to the process by which global brands or businesses adapt their products, services, or operations to meet the tastes, preferences, and cultural norms of local markets. It combines the global reach of a brand with the localization and customization required to successfully penetrate and compete […]

Definition of Globalization Globalization refers to the increasing interconnectedness and interdependence of countries, economies, cultures, and people around the world. It is driven by advancements in technology, communication, transportation, and trade, allowing for the seamless exchange of goods, services, ideas, and information across borders. Example To illustrate globalization, let’s take […]

Definition of Global Recession A global recession is a period of significant economic decline that affects multiple countries around the world. It is characterized by a widespread drop in economic activity, including decreased production, trade, employment, and investment. Global recessions are usually accompanied by a decrease in consumer spending and […]

Definition of Gini Index The Gini Index, also known as the Gini coefficient, is a measure of income inequality within a population. It quantifies the extent to which the distribution of income among individuals or households deviates from a perfectly equal distribution. The index ranges from 0 to 1, with […]

Definition of Gig Economy The gig economy refers to a labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent employment. In this type of economy, individuals are usually hired on a project-by-project basis and are not considered traditional employees. Instead, they are classified […]