Defining region

Regional studies are right in the center of scientific and political discourse at the moment; regional issues acquire special significance in the countries with a transition economy. However, there is still no clear definition of the term “region”. Due to its multifaceted nature, it certainly has natural, cultural, economic, political, and social dimension. At the same time, this term occupies a wide range of phenomena from small parts of countries to huge continental interstate formations. The goal of this paper is the analysis of various theoretical and methodological approaches to the definition of the region. We have brought different approaches, from the classical school to the New Economic Geography. The latter considers the region as a unit of space for economic activities. Thus, the region becomes a multidisciplinary object of research within the framework of economic theory and economic geography. In Europe, the integration processes put the region on the forefront of economic policy. The issues of regional policy are equally important in the light of the economic modernization processes taking place in Russia and Serbia. This article also summarizes the experience of regional studies of Serbian and Russian schools. The results can be used in further theoretical and applied research, writing theses in the field of economics and economic geography