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Dec 17, 2023 · Key Takeaways. An economy is a system of inter-related production and consumption activities that ultimately determine the allocation of resources within a...
- Will Kenton
- 2 min
The meaning of ECONOMY is the structure or conditions of economic life in a country, area, or period; also : an economic system. How to use economy in a sentence.
economy noun (SAVING MONEY) [ C or U ] the intentional saving of money or, less commonly, the saving of time, energy, words, etc.: make economies They've had to make economies since Nathan lost his job. This can be done by machines with more speed and economy.
Economics. An economy [a] is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources. [3]
noun. , plural e·con·o·mies. the complex of activities related to the consumption, production, and trade of goods and services, as an ongoing functioning system: Further inflation would seriously endanger the national economy. Usually the economy. the general state of these activities at a particular time and in a certain country, region, etc.:
e. Economics ( / ˌɛkəˈnɒmɪks, ˌiːkə -/) [1] [2] is a social science that studies the production, distribution, and consumption of goods and services. [3] [4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
