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
Obama to unveil dramatic new auto emissions standards
May 19, 2009 |
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A new front in the battle against climate change will open Tuesday, when President Barack Obama unveils sweeping new auto regulations described as equivalent to taking 177 million cars off the road.
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.
Closing the hydrogen economic loop
Jul 21, 2008 |
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The inventor of the nickel metal hydride (NiMH) technology used for building batteries for countless portable electronic gadgets and now hybrid gas-electric cars believes the hydrogen economy is already upon us.
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.
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 ...
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, ...
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 ...
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 ...
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.
Economic downturn will have severe, far-reaching effects on global health
Jun 12, 2009 |
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(PhysOrg.com) -- The health of millions of people worldwide is at risk as a result of the financial crisis, says Dr Andrew Robertson, in an editorial published online in Emerging Health Threats Journal.
Cutting greenhouse gases could grow the economy
Jun 19, 2009 |
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Over £14 ($23) billion more in products and services could be produced in Northern Ireland's economy each year if greenhouse gas producing resources were used as efficiently as they are in the rest of the UK, a research group ...
Engaged employees are good, but don't count on commitment
Other Sciences / Social Sciences
May 13, 2009 |
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The notion that highly engaged workers will continue to work tirelessly for organizations despite diminishing resources often isn't true, according to Clemson University psychology professor Thomas Britt.
Higher gas prices help reduce emissions
Aug 03, 2009 |
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(PhysOrg.com) -- Less driving and greater vehicle fuel economy aren't the only byproducts of higher gas prices—lower carbon dioxide emissions is another benefit, say University of Michigan researchers.
U.S. economy: Light at the end of the tunnel
Aug 20, 2008 |
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(PhysOrg.com) -- Sure, the U.S. economy is struggling, but the end to the "growth recession" may be in sight, say University of Michigan economists.
Double-action power stations: Energy and hydrogen
Apr 23, 2009 |
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(PhysOrg.com) -- Gas power plants could be cheaply retrofitted to generate hydrogen as well as power, chemists say in Green Chemistry, a Royal Society of Chemistry journal.
