Archives: Terms

Definition of Geographical Pricing Geographical pricing refers to the strategy of setting different prices for products or services based on the geographic location of customers. This pricing strategy takes into account factors such as transportation costs, market demand, competition, and local economic conditions. The goal is to maximize profitability and […]

Definition of Geographical Labor Mobility Geographical labor mobility refers to the ability of workers to move between different regions or locations in search of employment opportunities. It describes the freedom of individuals to relocate to areas where there is a higher demand for their skills and where they can earn […]

Definition of Genuine Progress Indicator (GPI) The Genuine Progress Indicator (GPI) is a metric used to assess the overall well-being and progress of a society. Unlike traditional measures such as Gross Domestic Product (GDP), which only focuses on economic output, the GPI takes into account social, environmental, and quality of […]

Definition of Gentrification Gentrification refers to the process of urban renewal, typically in lower-income neighborhoods, that results in an influx of affluent residents and businesses, leading to the displacement of existing lower-income residents. This phenomenon often occurs as a result of investments in infrastructure, development of amenities, and the arrival […]

Definition of General Public Distribution General Public Distribution refers to the process of distributing resources, goods, or services to the entire population of a country or region. This distribution is typically carried out by the government or public entities and aims to ensure equal access and availability of essential goods […]

Definition of General Equilibrium Theory General Equilibrium Theory is a branch of economic theory that aims to explain the behavior of supply, demand, and prices in a whole economic system. It goes beyond analyzing individual markets and focuses on the interconnectedness of all markets in an economy. This theory assumes […]

Definition of General Agreement on Tariffs and Trade (GATT) The General Agreement on Tariffs and Trade (GATT) is an international treaty that aims to promote free trade by reducing barriers such as tariffs (taxes on imports) and quotas (limits on the quantity of imports). It was established in 1947 and […]

Definition of GDP Price Deflator The GDP price deflator is a measure used to adjust the nominal GDP (Gross Domestic Product) for changes in the overall price level. It is often used to calculate real GDP, which reflects changes in output without the influence of inflation. Example Let’s say that […]

Definition of GDP Gap The GDP gap refers to the difference between the actual level of GDP and the potential level of GDP. It measures the difference between what the economy is actually producing and what it could potentially produce at full employment. The GDP gap can be positive, indicating […]

Definition of Gap A gap refers to a significant difference or disparity between two or more things. It can be used to describe a variety of situations where there is a noticeable lack, distance, or imbalance between certain elements or aspects. Example One common example of a gap is the […]