The eurozone, officially called the euro area, is an economic and monetary union (EMU) of 17 European Union (EU) member states that have adopted the euro (€) as their common currency and sole legal tender. The eurozone currently consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Other EU states are obliged to join once they meet the criteria to do so.
The European Union (EU) is an economic and political union of 27 member states that are located primarily in Europe. The EU operates through a system of supranational independent institutions and intergovernmental negotiated decisions by the member states. Institutions of the EU include the European Commission, the Council of the European Union, the European Council, the Court of Justice of the European Union, the European Central Bank, the Court of Auditors, and the European Parliament.
Social progress is the idea that societies can or do improve in terms of their social, political, and economic structures. This may happen as a result of direct human action, as in social enterprise or through social activism, or as a natural part of sociocultural evolution. The concept of social progress was introduced in the early 19th century social theories, especially those of social evolutionists like Auguste Comte and Herbert Spencer.
Social change refers to an alteration in the social order of a society. The base of social change is change in the thought process in humans. It may refer to the notion of social progress or sociocultural evolution, the philosophical idea that society moves forward by dialectical or evolutionary means. It may refer to a paradigmatic change in the socio-economic structure, for instance a shift away from feudalism and towards capitalism.
A society, or a human society, is a group of people related to each other through persistent relations, or a large social grouping sharing the same geographical or virtual territory, subject to the same political authority and dominant cultural expectations. Human societies are characterized by patterns of relationships between individuals who share a distinctive culture and institutions; a given society may be described as the sum total of such relationships among its constituent members.
A sovereign state is a political organization with a centralized government that has supreme independent authority over a geographic area. It has a permanent population, a government, and the capacity to enter into relations with other sovereign states. It is also normally understood to be a state which is neither dependent on nor subject to any other power or state. The existence or disappearance of a state is a question of fact.
Economic development generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area. Economic development can also be referred to as the quantitative and qualitative changes in the economy.
Per capita income, more simply known as income per person, is the mean income within an economic aggregate such as a country or city. It is calculated by taking a measure of all sources of income in the aggregate and dividing it by the total population.
Standard of living refers to the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area.
Infrastructure is basic physical and organizational structures needed for the operation of a society or enterprise, or the services and facilities necessary for an economy to function. It can be generally defined as the set of interconnected structural elements that provide framework supporting an entire structure of development. It is an important term for judging a country or region's development.