Regional economies refer to the economic activities and systems that occur within a specific geographic region. These economies can vary in size, structure, and level of development.
Related terms
Economic Integration: The process of combining regional economies into a larger economic system through the removal of trade barriers and the promotion of cooperation.
Core-Periphery Model: A geographical model that explains how regions within an area or country have varying levels of development, with some regions acting as core areas driving economic growth while others remain more peripheral.
Specialization: The concept where regions focus on producing specific goods or services based on their available resources and capabilities in order to maximize their efficiency and competitiveness.