Local Economies

Definition

Local economies refer to the economic activities and systems that occur within a specific geographic area, such as a town or region. They include businesses, industries, employment opportunities, and the overall economic well-being of the community.

Related terms

Gross Domestic Product (GDP): GDP is a measure of the total value of goods and services produced within a country's borders over a specific period of time.

Trade Networks: Trade networks are interconnected systems that facilitate the exchange of goods, services, information, and capital between different regions or countries.

Economic Development: Economic development refers to efforts aimed at improving standards of living by increasing job opportunities, income levels, and overall economic growth in a region or country.