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
NREL Evaluates UPS Hybrid-Electric Van Performance
Dec 22, 2009 |
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(PhysOrg.com) -- The U.S. Department of Energy's National Renewable Energy Laboratory (NREL) has collected and analyzed fuel economy, maintenance and other vehicle performance data from UPS’s first generation hybrid diesel ...
Can Snowmobiles Adapt in the Age of Ethanol?
Dec 18, 2009 |
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(PhysOrg.com) -- By 2022, federal regulations will require a 400 percent increase in the amount of renewable fuel in America’s gasoline, from 9 billion to 36 billion gallons.
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 ...
Pulling the plug on hybrid myths
Nov 19, 2009 |
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(PhysOrg.com) -- Whether you call them myths, urban legends, fables or old wives' tales, there's a lot of misinformation out there about plug-in electric hybrid vehicles. These vehicles, abbreviated PHEVs, ...
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.
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 ...
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.
Mars mission could ease Earth's energy supply crisis
Jun 09, 2009 |
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Techniques and instrumentation initially developed for ExoMars - Europe’s next robotic mission to Mars in 2016 - but now due to fly on a NASA mission in 2018, could also provide the answers to the globally pressing issue ...
New combustion strategy accelerates hydrogen-engine development
Mar 16, 2009 |
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(PhysOrg.com) -- Car manufacturers aspire to create hydrogen-powered vehicles that could one day allow energy-efficient, cost-effective travel that emits no greenhouse gases or other pollutants. To further ...
Fuel efficiency of vehicles on the road: Little progress since the 1920s
May 05, 2009 |
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(PhysOrg.com) -- Vehicles on America's roads today get only about three miles more per gallon than vehicles back in 1923, University of Michigan researchers say.
US announces new fuel economy standard for 2011
Mar 27, 2009 |
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The US administration Friday announced updated automobile fuel efficiency standards for new vehicles starting with the 2011 model year that aim to reduce gasoline consumption and emissions.
Recession suddenly humbles high-tech sector
May 24, 2009 |
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(AP) -- The $1.6 million red Bugatti crouches in the showroom, flanked by Lamborghinis, Bentleys and a Rolls-Royce all polished to a shimmer. The nearby potted plants, however, are dusty and wilting. With super-luxury car ...
US teen's YouTube promo for jobless dad scores big
Mar 23, 2009 |
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A YouTube video by an enterprising 14-year-old showcasing the talents of his laid-off dad, a Florida-based marketing specialist, has scored thousands of hits and several job interviews.
Ivory tower needs to adapt to online media landscape, scholar says
Apr 09, 2009 |
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Universities need to embrace new online media, social networks and a culture of "openness" as part of their pedagogy, or they risk becoming seen as anachronisms in today's hyper-connected world where information ...
Biodiesel blend performs as well as ultra-low sulfur fuel
Jun 09, 2009 |
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Those worried about a performance drop-off going from standard diesel fuel to the more environmentally friendly B20 biodiesel blend can ease their minds.
