An economic factor refers to any circumstance or condition that influences or affects an economy's performance or development.
Related terms
Mercantilism: An economic theory prevalent during the colonial period that promoted a nation's wealth through exports and accumulation of precious metals.
Commercial Revolution: A period marked by significant changes in European economies from localized markets into global networks driven by overseas exploration and colonization.
Cottage Industry: A small-scale manufacturing system where products are made at home using simple tools before being sold locally or traded within wider networks.