Business » Enterprise & Development 1. The organization or ordered state of a community or nation as regards its (esp. material) resources and concerns; the economic condition of a State. 2. A country defined in terms of the total composition of its economic activities and the ultimate location of economic decision making.

Finance lower average cost per unit resulting from increased production

An economy that has successfully made the transition from a closed market economy to an open market economy, has undergone some degree of reform and has expanded.