An economic strategy refers to a planned approach or set of actions designed to achieve specific economic goals within a country or region. These strategies often involve policies related to production, consumption, trade, investment, and resource allocation.
Related terms
Mercantilism: Mercantilism was an economic strategy prevalent during the 16th to 18th centuries where countries aimed to accumulate wealth through trade surpluses, protectionist policies, and colonization.
Market Economy: A market economy is an economic system driven by supply and demand with limited government intervention. It allows individuals and businesses to freely exchange goods and services based on their own decisions.
Command Economy: A command economy is an economic system where central authorities (usually the government) control production, distribution, and resource allocation. Decisions are made based on plans rather than market forces.