Predatory pricingPredatory pricing is a commercial pricing strategy which involves the use of large scale undercutting to eliminate competition. This is where an industry dominant firm with sizable market power will deliberately reduce the prices of a product or service to loss-making levels to attract all consumers and create a monopoly. For a period of time, the prices are set unrealistically low to ensure competitors are unable to effectively compete with the dominant firm without making substantial loss.
Case-based reasoningIn artificial intelligence and philosophy, case-based reasoning (CBR), broadly construed, is the process of solving new problems based on the solutions of similar past problems. In everyday life, an auto mechanic who fixes an engine by recalling another car that exhibited similar symptoms is using case-based reasoning. A lawyer who advocates a particular outcome in a trial based on legal precedents or a judge who creates case law is using case-based reasoning.
Newly industrialized countryThe category of newly industrialized country (NIC), newly industrialized economy (NIE) or middle income country is a socioeconomic classification applied to several countries around the world by political scientists and economists. They represent a subset of developing countries whose economic growth is much higher than other developing countries; and where the social consequences of industrialization, such as urbanization, are reorganizing society.
Global workforceGlobal workforce refers to the international labor pool of workers, including those employed by multinational companies and connected through a global system of networking and production, foreign workers, transient migrant workers, remote workers, those in export-oriented employment, contingent workforce or other precarious work. As of 2012, the global labor pool consisted of approximately 3 billion workers, around 200 million unemployed.
Import substitution industrializationImport substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since the 18th century by economists such as Friedrich List and Alexander Hamilton.
Landlocked countryA landlocked country is a country that does not have territory connected to an ocean or whose coastlines lie on endorheic basins. There are currently 44 landlocked countries and 4 landlocked de facto states. Kazakhstan is the world's largest landlocked country while Ethiopia is the world's most populous landlocked country.
Defeasible reasoningIn philosophy of logic, defeasible reasoning is a kind of provisional reasoning that is rationally compelling, though not deductively valid.cite web | url= | title="Defeasible Reasoning," Stanford Encyclopedia of Philosophy | access-date=1 July 2016 It usually occurs when a rule is given, but there may be specific exceptions to the rule, or subclasses that are subject to a different rule. Defeasibility is found in literatures that are concerned with argument and the process of argument, or heuristic reasoning.
Market monetarismMarket monetarism is a school of macroeconomic thought that advocates that central banks target the level of nominal income instead of inflation, unemployment, or other measures of economic activity, including in times of shocks such as the bursting of the real estate bubble in 2006, and in the financial crisis that followed. In contrast to traditional monetarists, market monetarists do not believe monetary aggregates or commodity prices such as gold are the optimal guide to intervention.
Means of productionIn economics, the means of production is a term which describes land, labor, and capital that can be used to produce products (such as goods or services); however, the term can also refer to anything that is used to produce products. It can also be used as an abbreviation of the "means of production and distribution" which additionally includes the logistical distribution and delivery of products, generally through distributors; or as an abbreviation of the "means of production, distribution, and exchange" which further includes the exchange of distributed products, generally to consumers.
Periphery countriesIn world systems theory, the periphery countries (sometimes referred to as just the periphery) are those that are less developed than the semi-periphery and core countries. These countries usually receive a disproportionately small share of global wealth. They have weak state institutions and are dependent on – according to some, exploited by – more developed countries. These countries are usually behind because of obstacles such as lack of technology, unstable government, and poor education and health systems.
