Economy
hideAn economy (or "the economy") is the realized economic system of a country or other area. It includes the production, exchange, distribution, and consumption of goods and services of that area. The study of different types and examples of economies is the subject of economic systems. A given economy is the end result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resource endowment, and ecology, among other factors. These factors give context, content, and set the conditions and parameters in which an economy functions.
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.
The word "economy" can be traced back to the Greek word "one who manages a household", derived from οἴκος, "house", and νέμω, "distribute (especially, manage)". From οἰκονόμος "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 οἰκονομία 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.
For more information about Economy, read the full article at
Wikipedia.
This text uses material from Wikipedia and is available under the GNU Free Documentation License.
News tagged with economy
How much is nature worth?
Nov 13, 2009 |
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How much is nature worth? £1 billion? £100 billion? £1 trillion? The loss of our forests and biodiversity in general could cost us between £1.2-2.8 trillion a year, according to Pavan Sukhdev, who is giving ...
Expert advises automakers to take it slow on road to recovery
Nov 13, 2009 |
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(PhysOrg.com) -- Supply chain expert Panos Kouvelis says it's time for the auto industry to go through a period of capacity rationalization.
Nokia Siemens Networks to lay off up to 5,700
Nov 03, 2009 |
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(AP) -- Nokia Siemens Networks said Tuesday it will lay off up to 5,700 workers globally as part of a move to cut annual costs by euro500 million ($740 million).
Global crisis hitting IT spending: Microsoft chief
Nov 02, 2009 |
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Companies worldwide are slashing spending on information technology because of the global downturn and will have to learn to do more with less, Microsoft chief executive Steve Ballmer said Monday.
Inequality, 'silver spoon' effect found in ancient societies
Other Sciences / Social Sciences
Oct 29, 2009 |
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The so-called "silver spoon" effect -- in which wealth is passed down from one generation to another -- is well established in some of the world's most ancient economies, according to an international study coordinated by ...
Is Second Life's Economy Too Big To Fail?
Oct 13, 2009 |
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One of the more interesting developments in terms of technology is the virtual economy -- and how it translates into something that involves real money.
Students, teachers need to be transculturally literate, expert says
Other Sciences / Social Sciences
Sep 24, 2009 |
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The current generation of college students and teachers need to be as culturally fluent with people from different cultures as they are with their own, a soft skill that has become an essential part of life ...
'Acquisitions are back on': Google CEO
Sep 23, 2009 |
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US Internet giant Google is ready to begin buying up other companies again as the world economy begins to recover, chairman and chief executive Eric Schmidt said Wednesday.
Engineering Professors Develop Electric Hybrid Vehicle Concept for RV Travelers
Sep 14, 2009 |
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While the cost of fuel has put a damper on the travel plans of many Americans, one father-son engineering duo with a passion for RV travel is combating the problem by conceptualizing an electric-hybrid passenger ...
Fuel economy higher, thanks to Cash for Clunkers
Sep 14, 2009 |
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Cash for Clunkers may have run out of money, but certainly not gas.
Scientific Understanding of Corruption Sought
Other Sciences / Social Sciences
Aug 25, 2009 |
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(PhysOrg.com) -- Corruption is one of the most cited factors inhibiting economic development. It impedes political and economic growth, reduces the welfare of societies, increases income inequality and reduces trust in political ...
City dwellers bear disproportionate federal tax burden
Aug 20, 2009 |
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Live in an expensive city? Think you pay too much in federal taxes? If so, a study in the current issue of the Journal of Political Economy finds that you're exactly right.
Analysis: 'Cash for Clunkers' program is expensive way to cut carbon emissions
Aug 14, 2009 |
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New UC Davis estimates say the federal government's Cash for Clunkers program is paying at least 10 times the "sticker price" to reduce emissions of the greenhouse gas carbon dioxide.
GM says Volt will be landmark fuel savings vehicle
Aug 11, 2009 |
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Troubled auto giant General Motors said Tuesday its new electric sedan, the Chevrolet Volt, will be marketed in 2011 as the first mass produced vehicle capable of achieving three-digit fuel savings.
July sees big jump in fuel efficiency of new cars
Aug 11, 2009 |
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(AP) -- Cars and light trucks sold in July got more miles per gallon than those sold in previous months, say researchers, who credit the Cash for Clunkers program.
