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.
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News tagged with economy
US online ad revenue down 5.4 pct in third quarter
Nov 25, 2009 |
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(AP) -- Online advertising revenue in the U.S. fell 5.4 percent in the third quarter from a year ago, as the sputtering economy kept its tight grip on even the fastest growing segment of industry, according to a report released ...
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Low-income women 4 times more likely to report fair or poor health
Nov 30, 2009 |
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Low-income women are four times more likely than higher-income women to report fair or poor health and nearly twice as likely to report a health condition that limits their basic physical activities, according to a new policy ...
Australia's Parliament defeats global warming bill
4 hours ago |
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(AP) -- Australia's plans for an emissions trading system to combat global warming were scuttled Wednesday in Parliament, handing a defeat to a government that had hoped to set an example at international climate change ...
Michael Jackson tops Web's search charts in 2009
Dec 01, 2009 |
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(AP) -- Michael Jackson's stunning death made him the Internet's biggest star this year.
Holiday Web shopping looks brighter than last year
Nov 26, 2009 |
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(AP) -- Online retailers hope the convenience of the Web, plus discounts and deals, spur still-nervous shoppers to spend more online this holiday season - even as traditional retailers brace for mediocre sales.
Glasgow scientists predict the unpredictable to guide future nano-chip design
Nov 29, 2009 |
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Scientists at the University of Glasgow, in collaboration with colleagues from Edinburgh, Manchester, Southampton and York universities, have developed technology which will help microchip designers create ...
Obama to plead US case at global warming summit
Nov 26, 2009 |
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(AP) -- President Barack Obama will commit the United States to substantial cuts in greenhouse gas pollution over the next decade - despite resistance in Congress over higher costs - when he travels to a ...
Signal fading on radio traffic reports
Nov 27, 2009 |
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(AP) -- For more than 20 years, Mike Nolan was known to radio listeners as the "eye in the sky." He flew over Southern California freeways in his single-engine plane, reporting on the nation's worst traffic.
The real thing? People are often unsure about telling authentic luxury goods from fakes
Other Sciences / Social Sciences
14 hours ago |
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Luxury goods are supposed to be expensive because of their quality: A sip of fine wine or the comforting feel of designer clothing should justify the price.
First comprehensive review of the state of Antarctica's climate
Space & Earth / Earth Sciences
Dec 01, 2009 |
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The first comprehensive review of the state of Antarctica's climate and its relationship to the global climate system is published this week by the Scientific Committee on Antarctic Research (SCAR). The review - Antarctic ...
In Greenland, warming fuels dream of hidden wealth
Nov 27, 2009 |
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(AP) -- Gert Ignatiussen returns to this fjord-front Inuit town with the spoils of his hunting trip. Six seals, all killed with a single shot to the head.
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