NationalizationNationalization (nationalisation in British English) is the process of transforming privately-owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with privatization and with demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization.
ASEANASEAN, officially an abbreviation of the Association of Southeast Asian Nations, is a political and economic union of 10 member states in Southeast Asia. It has a population of over 600 million and covers an area of . ASEAN generated a purchasing power parity (PPP) gross domestic product (GDP) of around trillion in 2022, constituting approximately 6.5% of global GDP (PPP).
Market powerIn economics, market power refers to the ability of a firm to influence the price at which it sells a product or service by manipulating either the supply or demand of the product or service to increase economic profit. To make it simple, companies with strong market power can decide whether higher the price above competition levels or lower their quality produced but no need to worry about losing any customers, the strong market power for a company prevents they are involving competition.
ScrapScrap consists of recyclable materials, usually metals, left over from product manufacturing and consumption, such as parts of vehicles, building supplies, and surplus materials. Unlike waste, scrap has monetary value, especially recovered metals, and non-metallic materials are also recovered for recycling. Once collected, the materials are sorted into types — typically metal scrap will be crushed, shredded, and sorted using mechanical processes.
Subsistence economyA subsistence economy is an economy directed to basic subsistence (the provision of food, clothing, shelter) rather than to the market. Henceforth, "subsistence" is understood as supporting oneself at a minimum level. Often, the subsistence economy is moneyless and relies on natural resources to provide for basic needs through hunting, gathering, and agriculture. In a subsistence economy, economic surplus is minimal and only used to trade for basic goods, and there is no industrialization.
Federal ReserveThe Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.
Voluntary sectorThe voluntary sector, independent sector, or civic sector is the realm of social activity undertaken by organizations that are non-governmental nonprofit organizations. This sector is also called the third sector, community sector, and nonprofit sector, in contrast to the public sector and the private sector. Civic sector or social sector are other terms for the sector, emphasizing its relationship to civil society. Richard Cornuelle coined the term "independent sector" and was one of the first scholars to point out the vast impact and unique mechanisms of this sector.
Distribution of wealthThe distribution of wealth is a comparison of the wealth of various members or groups in a society. It shows one aspect of economic inequality or economic heterogeneity. The distribution of wealth differs from the income distribution in that it looks at the economic distribution of ownership of the assets in a society, rather than the current income of members of that society. According to the International Association for Research in Income and Wealth, "the world distribution of wealth is much more unequal than that of income.
Circular migrationCircular migration or repeat migration is the temporary and usually repetitive movement of a migrant worker between home and host areas, typically for the purpose of employment. It represents an established pattern of population mobility, whether cross-country or rural-urban. There are several benefits associated with this migration pattern, including gains in financial capital, human capital, and social capital. There are also costs associated with circular migration, such as brain drain, poor working conditions, forced labor, and the inability to transfer acquired skills to home economies.
Open economyAn open economy is a type of economy where not only the domestic factors but also entities in other countries engage in trade of products (goods and services). Trade can take the form of managerial exchange, technology transfers, and all other kinds of goods and services. Certain exceptions exist that cannot be exchanged; for example – the railway services of a country cannot be traded with another country to avail the service. It contrasts with a closed economy in which international trade and finance cannot take place.
