The ability of individuals, organizations, or nations to influence economic activities through control over resources, markets, production capabilities, or financial systems.
Related terms
Trade Blocs: Groups of countries that form agreements to reduce trade barriers among themselves for mutual benefit.
Comparative Advantage: When one country can produce a good or service at a lower opportunity cost than another country.
Foreign Direct Investment (FDI): Investment made by a company based in one country into companies located in another country.