Economic viability is when a project proves to be economically feasible, innovative and sustainable in terms of investing financial resources into the project. Funding for the project must be compatible with the demands and constraints that occur during the project's life span.Know More
Economic viability means that market operation is sustainable regarding current and projected revenues. The revenues will be greater than or equal to all current and planned expenditures. In simple terms, any project or activity that can financially support itself is economically viable. Using farming as an example, economic viability refers to the ability and capacity of a farm to 'make a living' annually.
Part of the concept of economic viability is the implicit recognition that the enjoyment of ? and effort put into ? a project determines how a project or business grows and how often workers are replaced.
For economic viability to work, it must often span generations. Workers must stay on top of best practices and share that information appropriately. In the farming example, this would include sharing with other farmers in the region as well as the community.Learn more about Economics
Economic liberalization refers to those government policies which promote economic growth by opening up trade to international markets, extending the use of markets and lessening the restrictions and regulations placed on business. China, Brazil and India, three of the fastest growing transitioning economies, achieved their economic growth after their governments liberalized their approach to business. This has led some economists to believe that economic reform is of greater importance than political reform in developing economies.Full Answer >
An economic map is a map that illustrates various economic activities or phenomena that take place in a particular area. This type of map features a variety of symbols and colors referring to particular economic activities.Full Answer >
Economic diversity is a multidimensional concept that includes the products, workforce skills and capabilities in a local economy, in addition to how well that economy is able to compete in the global marketplace, according to Economic Modeling Specialists Intl. While income is an important part of economic diversity, the concept involves much more.Full Answer >
Economic instability refers to a community or nation experiencing financial struggles due to inflation, consumer confidence issues, unemployment rates, and rising prices. Economic instability affects businesses' ability to thrive, the cost of living, and the physical, emotional and financial well-being of consumers and families.Full Answer >