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How to use economy in a sentence. the structure or conditions of economic life in a country, area, or period; also : an economic system… See the full definition
- What Is An Economy?
- Understanding Economies
- Types of Economies
- Studying Economies
- Economic Indicators
- History of The Concept of Economy
- The Bottom Line
An economy is a complex system of interrelated production, consumption, and exchange activities that ultimately determines how resources are allocated among all the participants. The production, consumption, and distribution of goods and services combine to fulfill the needs of those living and operating within the economy. An economy may represent...
An economy encompasses all of the activities related to the production, consumption, and trade of goods and services in an entity, whether the entity is a nation or a small town. No two economies are identical. Each is formed according to its own resources, culture, laws, history, and geography. Each evolves according to the choices and actions of ...
In the modern world, few nations are purely market-based or purely command-based. But most lean toward one or the other of these models.
The study of economies and the factors affecting economies is called economics. The discipline of economics can be broken into two major areas of focus, microeconomics, and macroeconomics.
As noted above, macroeconomics is the study of the big picture and that picture is incomplete without a set of economic indicators. These are some of the most closely-watched of those indicators.
The word economy derives from the Greek term for household management and the word is still used in that context. Economics as an area of study was touched on by philosophers in ancient Greece, notably Aristotle, but the modern study of economics began in 18th century Europe, particularly in Scotland and France.
An economy is a community that is observed by an analysis of its allocation of resources. Every individual and family in the community has a contribution to make. In return, each expects a share of the goods and services provided by other members of the community. In modern times, the functioning of an economy is analyzed and quantified by economis...
- Will Kenton
- 2 min
Economy definition, thrifty management; frugality in the expenditure or consumption of money, materials, etc. See more.
1. [count] : the process or system by which goods and services are produced, sold, and bought in a country or region. The war altered the country's economy. An increase in tourism will help the city's economy. We currently have a strong/weak economy. [=many/few goods and services are being produced, sold, and bought]
2 days ago · t. e. An economy 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. [1] A given economy is a set of processes ...
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