Economic Territory Law and Legal Definition
Economic territory is defined as including all the areas under the effective economic control of a single government. Economic territory has the dimensions of physical location as well as legal jurisdiction. With regard to its composition, an economic territory (or economy) consists of all the institutional units that are resident in that territory. The concepts of economic territory and residence are designed to ensure that each institutional unit is a resident of a single economic territory.
The economic territory includes the land area, airspace, territorial waters, including jurisdiction over fishing rights and rights to fuels or minerals. In a maritime territory, the economic territory includes islands that belong to the territory. The economic territory also includes territorial enclaves in the rest of the world. These are clearly demarcated land areas (such as embassies,consulates, military bases, scientific stations, information or immigration offices, aid agencies, central bank representative offices with diplomatic immunity, etc.) located in other territories and used by governments that own or rent them for diplomatic, military, scientific, or other purposes with the formal agreement of governments of the territories where the land areas are physically located.
Legal Definition list
Related Legal Terms
- Acute Economic Need
- Bureau of Economic Analysis
- Bureau of Economic, Energy, and Business Affairs [EEB] [Department of State]
- Centre of Predominant Economic Interest
- Community and Economic Development Entity (CEDE)
- Consequential Economic Loss
- Constitutional economics
- Council of Economic Advisers [CEA]
- Crop of Economic Significance
- Direct Economic Loss