Economically

Definition

When something is done or relates to the principles and practices of financial management, production, and distribution of goods and services.

Related terms

Gross Domestic Product (GDP): The total value of all goods and services produced within a country's borders in a specific time period.

Supply and Demand: The theory that the price of a product is determined by the interaction between the quantity supplied by producers and the quantity demanded by consumers.

Inflation: A general increase in prices over time, reducing the purchasing power of money.