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The economy is the realised social system of production, exchange, distribution, and consumption of goods and services of a country or other area. A given economy is the end result of a process that involves its technological evolution, civilization's history and social organization, as well as its geography, resource endowment, and ecology, among other factors. These factors give context, content, and set the conditions and parameters in which an economy functions. An economy does not have to be a specific size. An economy can mean the economy of a city (local economy), a country (national economy) or the world as a whole (international economy), provided that it is involved in the production of goods and services. The word "economy" can be traced back to the Greek word "one who manages a household", derived from ?????, "house", and ??µ?, "distribute (especially, manage)". From ??????µ?? "of a household or family" but also senses such as "thrift", "direction", "administration", "arrangement", and "public revenue of a state". The first recorded sense of the word "economy", found in a work possibly composed in 1440, is "the management of economic affairs", in this case, of a monastery. Economy is later recorded in other senses shared by ??????µ?a in Greek, including "thrift" and "administration". The most frequently used current sense, "the economic system of a country or an area", seems not to have developed until the 19th or 20th century. Today the range of fields of study exploring, registering and describing the economy or a part of it, include social sciences such as economics, as well as branches of history (economic history) or geography (economic geography). Practical fields directly related to the human activities involving production, distribution, exchange, and consumption of goods and services as a whole, range from engineering to management and business administration to applied science to finance. All kind of professions, occupations, economic agents or economic activities, contribute to the economy. Consumption, saving and investment are core variable components in the economy and determine market equilibrium. There are three main sectors of economic activity primary, secondary and tertiary.
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Economic Subcategories
Economic Articles
Why rich countries get richer, and why poor countries sometimes get poorer
by Guild Investment Management
Oct 23, 2007
WHY RICH COUNTRIES GET RICHER, AND WHY POOR COUNTRIES SOMETIMES GET POORER
Posted On: Fri, Oct 19, 2007 Author: Monty Guild and Tony Danaher The World Bank has done some excellent research on this subject.
I know that ...
US Housing Pricing - Up or down from here?
by Thomas Cloud, Jr
Aug 08, 2006
Focusing on the positive is something in which I believe. However, the truth can sometimes be tough to read or hear. In this month's “View From the Top” we are going to look at the facts about US real estate. Some of you, like me, enjoy seeing reside...
Economic Hardship Looms As 5 Unavoidable Events Converge
by Robbie Pugh
Apr 13, 2006
America is in deep trouble. Dead broke in fact. If America were a listed company, the plug would have been pulled long ago. The receivers would have checked out the books, pronounced the company dead and called time.
Like a family whose expen...
Basics of Welfare Economics
by Mansi gupta
Jan 19, 2006
Human beings are the building blocks of society. The societies agglomerate to make states. And then the nations are formed. The economy of a nation is the indicator of its prosperity. What the economy affects primarily are the people of a countr...
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