Economic Shock
What Does Economic Shock Mean?
An event that grows a substantial change within an economy, despite happening outside of it. Economics a shock is a surprising or unpredictable event that strikes an economy, either positively or negatively. An event that can cause a suddenly, drastic change in an economy. For example, if it were suddenly found that there is no more oil in the world, this would cause economic shock, causing prices to skyrocket. An external and surprising event that strikes an economy. For example, a natural disaster such as an earthquake or hurricane can have a major impact on an economy. Technically, it denotes to an irregular change in exogenous factors — that is, factors unexplained by economics — which may have an impact on endogenous economic variables.
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