Capitalism is an economic system in which private individuals or businesses own and control the means of production, and decisions regarding production and distribution are guided by the profit motive.

Scarcity is the fundamental economic problem that arises from the limited availability of resources relative to unlimited wants and needs.

Economic diversification refers to the process of expanding the range of economic activities in an economy to reduce reliance on a single industry or sector.

Marxian economics, based on the theories of Karl Marx, emphasizes the role of labor in determining the value of goods and services.

Gross Domestic Product (GDP) measures the total value of all final goods and services produced within the geographic boundaries of a country during a specific period.

The primary goal of monetary policy is to maintain price stability by controlling inflation and deflation.

Protectionism is a trade policy that involves imposing tariffs or other barriers on imported goods to protect domestic industries from foreign competition.

The theory of comparative advantage, developed by David Ricardo, suggests that countries should specialize in producing and exporting goods and services in which they have a comparative advantage, even if they have an absolute advantage in producing other goods.

The balance of payments account is a record of all economic transactions between a country and the rest of the world over a specific period, including trade in goods and services, investment flows, and financial transactions.

The World Trade Organization (WTO) is an international organization that facilitates global trade and sets rules for international trade agreements.

Migration refers to the movement of labor and capital from one country to another in search of better economic opportunities.

The Consumer Price Index (CPI) measures the overall level of prices for goods and services purchased by consumers.

The trade balance is the difference between the value of a country's exports and the value of its imports.

Keynesian economics, developed by John Maynard Keynes, emphasizes the importance of government intervention in the economy to stimulate aggregate demand and achieve full employment.

Production is the process of converting raw materials into finished goods.