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An Economy (A) Is An Area of The Production, Distribution and Trade

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22 views1 page

An Economy (A) Is An Area of The Production, Distribution and Trade

Uploaded by

derkuzesta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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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 resources.[3] A given economy is a set of processes that involves its culture, values,
education, technological evolution, history, social organization, political structure, legal
systems, and natural resources as main factors. These factors give context, content, and set
the conditions and parameters in which an economy functions. In other words, the economic
domain is a social domain of interrelated human practices and transactions that does not
stand alone.

Economic agents can be individuals, businesses, organizations, or governments. Economic


transactions occur when two groups or parties agree to the value or price of the transacted
good or service, commonly expressed in a certain currency. However, monetary transactions
only account for a small part of the economic domain.

Economic activity is spurred by production which uses natural resources, labor and capital. It
has changed over time due to technology, innovation (new products, services, processes,
expanding markets, diversification of markets, niche markets, increases revenue functions)
and changes in industrial relations (most notably child labor being replaced in some parts of
the world with universal access to education).

Etymology
New York City, the world's principal fintech and financial center[4][5] and the epicenter of the
world's principal metropolitan economy[6]

The word economy in English is derived from the Middle French's yconomie, which itself
derived from the Medieval Latin's oeconomia. The Latin word has its origin at the Ancient
Greek's oikonomia or oikonomos. The word's first part oikos means "house", and the second
part nemein means "to manage".[7]

The most frequently used current sense, denoting "the economic system of a country or an
area", seems not to have developed until the 1650s.[8]

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